Full text of "Financial Times , 1982, UK, English"

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GENERAL 


BUSINESS 


France queries Britain’s future in EEC 


survives 

Knesset 

vote 


Israeli Premier Men ahem 
Begin 's Government defeated 
' by 59 to. 58 a no-confidencc vote 
In the Knesset on its handling 
of the economy. - There were 
three abstentions. 

: However, the Government 
has lost its parliamentary maj- 
ority and is unlikely to be able 
to continue for very long. 
Page 4 

N— talks resume 

U.S. and Soviet negotiators to- 
.day start a second round of talks 
in Geneva on curbing medium- 
range nuclear missiles in 
Europe. 

Firemen’s dispute 

Fire Brigades' Union delegates 
voted for a 17-point industrial 
action plan over a dispute with 
tbc nnn-TUC affiliated National 
Association of Fire Officers. 
Page 10 

$PP two rebel 

Two SDP'MPS. -John Grant and 
Dickson Ala bon, voted against 
ihe Employment Bill last night. 
The party -line was to abstain. 
The Bill was given a third 
reading. Parliament* Page 11 

Air crash: 8 dead 

Six Munich food chain execu- 
tives were killed when a light 
aircraft crashed near Kassel. 
The pilot and ovpiiot also died. 

Jail for Sophia 

Actress Sophia Loren returned 
to Italy to serve a one-month 
. prison sentience for a 1963 
income tax offence. . 

Zimbabwe deaths 

A gunman was killed add a 
fanner wounded when armed 
nien attacked two white-owned 
farms on the edge of Wankie 
National Park;. Zimbabwe. 

Elwyn Jones dies 

Elwyn .Tones, former head of 
BBC television drama series and 
weator of Z-Cars died aged 59 
in South' Wales. 

Ex-newsman dies 

Former BBC newsreader 
Corbett Woodall died in his 
sleep at his London home. Mr 
Woodall, 53. suffered from 
fticumairnd arthritis. 

‘Punish clubs’ 

Football clubs with violent; fans 
should be put out of business 
by making il too expensive to 
- afford a police presence at 
games, Police Federation chair- 
man Jim Jardine said. 

Kidney lasers 

Lasers may be used to remove 


Gold up 
$5.25 in 
London 
$ rises 


• STERLING fell 1.75 cents on 
the day to close at $1.7965 tn 
London. It dropped to DSI 4.17 
(DM 4.2 L SwFr 3.555 (SwFr 
3.5725) and FFr 10.87/ (FFr 
10.905). Its trade-weighted 
index was 89.0 (90). Page 40 

• DOLLAR rose to DM 2.3205 
(DM 2.315), SwFr 1.978 (SwFr 
L986), FFr 6.055 (FFr 6.0125) 
and Y239.1 (Y236.9). Its traded 
weighted Index was 113.4 
<11L2). Page 40 

• GOLD rose $S2S in London 
to $3425. In New York the 

f 7 S PER FINE DtMCt • 1 


London 

GOLD 

Price 


BY OUR FOREIGN AND POLITICAL STAFF 

FRANCE heightened tension in help on o 
the European Community yes- These ■ 
terday ^ wilh a warning that the confli 
Britain's actions could call into well as 
question the UK’s future role Britain's 
in the EEC. and even continued »* hr 
membership. rime sine 

In a statement issued after to the EE 
the decision of seven member dent has 
I Slates to override the UK language 
attempt to block this year’s Britain’s i 
increase in farm prices, Presi- M Mi 
, dent Francois Mitterrand said appears 
the Question now was “yvhat pressure 
role Britain saw herself play- due to ci 
ing " in the EEC. at a Cal 

Britain’s “presence, or the against t: 
nature of the. British presence, orfion sue 
in the Community” depended budget co 
on the answer to that question. Though 
M Mitterrand said. the Freni 

In London the Government merit bob 
and Whitehall appeared to be retaliation 
trying to avoid the farm prices the.possib 
rebuff blowing up Into a major with Brits 
crisis while the UK sought EEC M Mil 


help on other vital issues. 

These include support over 
the conflict wilh Argentina as 
well as efforts to rediice 
Britain’s contributions to tbe 

It is believed to be tbc first 
rime since Britain's admission 
to the EEC that a French Presi- 
dent has in such forceful 
language called into question 
Britain’s continuing mebership. 

M Mitterrand's intention 
appears to have been in exert 
pressure on the Government, 
due to consider Us next step 
at a Cabinet meeting today, 
against taking any precipitate 
.■jclion such as withholding EEC 
budget contributions. 

Though it is not spelt nut, 
the French President’s state- 
ment holds out the threat of 
retaliation, while raising again 
the possibility of a two-tier EEC 
with Britain on the lower rung. 

M Mitterrand emphasised 


that France would not renounce 
the “Luxemlwurq compromise” 
by which Community decisions 
are taken on a unanimous 
ministerial vote, when it was 
"truly a quest ion nf a vital 
interest.” 

The refusal of seven EEC 
Ministers to recognise Britain’s 
claim tn the right rn apply this 
convention to the farm "pneo 
vote precipitated the present 
crisis. 

M 'Mitterrand's s Irony words, 
issued from Algiers at ihe start 
of a tour of Africa, were backed 
by M Pierre Mauroy, French 
Prime Minister. 

He ‘ told the National 

Assembly that Mrs Margaret 
Thatcher had found in M 
Mitterrand someone “as inflex- 
ible" as herself. 

M Mauroy said the President 
had told Mrs Thatcher in 
London on Monday that he 


would no» have signed the May 
2980 EEC budget agreement 
with Britain which was agreed 
by former President Gtscard 
detains- 

“ France would, therefore. 


Reactions. Page 3 
Britain to seek permanent legal 
Community veto. Page 11 

Row Britain was outflanked. 
Page 20 

Go-ahead for UK farm price 
rises. Page 37 

not sign the same type of agree- 
ment in 19S2.” he said. 

The Government, still 
stunned by iis defeat at the 
Farm Ministers’ meeting, sig- 
nalled that it was pinning j£s 
hopes of avoiding a major crisis 
on a meeting of EEC Foreign 
Ministers planned for next Mon- 
day. 


Mr Peter Walker, the Agri- 
culture Minister, loJd Ihr Com- 
mons yesterday that Britain 
woold press at that meeting to 
revise and strengthen the 
Luxembourg compromise. 

Britain considered the com- 
promise viral, he said and* would 
press io liave it enshrined in 
Commuaily law in a manner 
which was binding. 

Thp constitutional issues 
raised by the farm prices vote 
will be tackled “ vigorously and 
speedily " at the Foreign. 
Ministers’ meeting, the -Foreign 
Office made clear yesterday. 

However, the feeling in 
Whitehall was that all efforts 
should be made to limit the 
damage which Ministers fear 
could ronie from any over- 
robust reaction to the double 
rebuff Britain received this 
week, (he limited and partial 
Continued on Back Page 



Mitterrand exerts pressure 


Fear of deadlock at UN talks 


BY PAUL BETTS IN NEW YORK AND PETER RIDDELL IN LONDON 




after a breakthrough by 
specialists. Page 9 

Officials increase 

The .number . of Department of 
Employment officials increased 
by 20 per cent in the past finan- 
cial ye3r, mainly because of 
increased demand for unemploy- 
ment and other benefits. Base 9 

Naked protest 

About 200 men and women 
paraded naked through Hanover 
to protest against an exhibition 
of electronic weaponry. “It 
made a pleasant change," said 
a police otfficiaL 

Briefly ... 

BBC reporter Jonathan Crane 
was named industrial journalist 
of- .the year . in the Blue Circle 
awards. ■ 

Three paintings by Sir Winston 
Churchill fetched nearly £17,000 
at Sotheby’s. Page 19 
Second edition of Holinshed’s 
Chronicles, from which Shakes- 
peare took plots, fetched £iO,SOO 
at Christie’s. Page 19 
Historic Mortnow Bridge gate- 
way arcb, Monmouth, was badly 
damaged by a bus. 


L O J f m a m I 

war- 1982 J 

Comet May- dose was $341.2 
($340.8). Page 37 

• EQUITIES: the FT 30-share 
index was 10.5 down at 56L9 
for a three-day drop of 28.7 
The FT-Actuaries All-Share 
index slipped to 326.81, com- 
pared with its May 10 peak of 
: 338.53. Page 39 . 

• GILTS:., the Government 
Sccuritips Tndex fell 0.55 to 
. 68.52. Page-39 

• WALL’ STREET was 1.02 
down at "839.23. near the dose. 
Page 38; 

: 0 AVERAGE EARNINGS in- 
crease in the year to March was 
11 per cent, compared with 11.4 
per cent in the year, to Feb- 
’ ruary. Page 8 

# ENVIRONMENT Depart- 
ment’s staff fell 22.7 per cent 
in the two years to April 1 and 
a further 6 per cent decrease 
is planned for 1982-83. Page 9 

• ICl may be forced to shut 
down some of its chlorine mak- 
ing capacity because of elec- 
tricity costs. Paige 8 

• CUT-PRICE cars Unported 
from the Republic of Ireland 
are threatening to devastate 
Northern Ireland’s motor trade. 
Back Page 

• HYSTEB, the U.S. forklift 
truck maker, is to build an 
J£65in (£53m) automated 
materials handling plant near 
Dublin.. Back Page 

• NEW YORK’S Metropolitan 
Transit Authority awarded the 


underground rail carnages 
order to Bombardier of 
Canada. Back Page 

• HAMILTON BROTHERS, the 
U.S.-based group found more 
natural gas in the North Sea’s 
Bruce Field. Page 8 

O BAHRAIN and Middle East 
Bank is the mystery buyer of 
an 11 per cent slake in 
Grindlays Holdings, which is 41 
per cent owned by Lloyds Bank 
and owns 51 per cent of 
Grindlays Bank. Back Page 

• NLT CORPORATION, a 
Nashville-based insurance bold- 
ing company, is fighting off a 
$lbn takeover bid by American 
General Corporation with a 
S 620 m cash tender offer for 
11.2m American General shares, 
which would give it voting 
control. 

• ROYAL DUTCH/SHELL re- 
ported a significant underlying 
improvement in its financial per- 
formance with first-quarter re- 
sults indicating a revival in oil 
product sales. . Results, Page 22; 
Lex, Back Page 

• LONDON AND NORTHERN, 
the construction group, reported 
taxable profits of £8.63m 
(£8. 76m) for ©81. Page 22 


w : ' 


CHIEF PRICE CHANBES YESTERDAY 

CPrices to pence unless otherwise indicated) , e 

hirer Blue Circle 464 - 16 





RISES 

Asscd Newspapers 215 4- 7 

Camrex »’+ J 

Daily Mail A *5 +. ? 

Sreenfields Leisure 35 4- 4 
Hepworth CJJ - ■+ * 

Johnson Grp Clars if? t 

Harlebeest ,, - £ ?5I t }e 

.Kinross 3® J. ** 

pengkaten J in 

RTZ — 440 * 10 

__ FALLS - 

Treat 3pc 1986:...-f7Sj ~ i 
Exchctr I2ipc 1899. I 


Boots 236 “ 8 

Chemrins -»0 — 15 

Glaxo 656 ” 

GUS A JSO — 10 

Grindlays -J6 - 12 

Hambro Life ^7 — 10 

Imperial Group ... 93 3 

Lloyds Bank ...... 388 — 7 

Pearl Assurance ... 362 — 10 

Red land 168 - 6 

Rothmans IntnJ ... 91 - 3* 

Royal Insurance ... 325 — 12 

Sun Alliance J52 - IS 

Unilever 585 — II 

Hamilton Oil W5 - 4 

Moran Tea ■ 292 — 6 


THE United Nations Security 
Council was meeting last night 
behind dosed doors for urgent 
consultation on the Falkland 
crisis, amid signs that the 12- 
day peace efforts of Sr Javier 

FALKLANDS WEATHER: 
Wind NW, increasing to Force 
S (35 knots); 15 ft waves. 
Cloudy, occasional rain. Temp 
low- to mfd-40 s F. OUTLOOK: 
Wind W, Force 6 (25 knots). 
Ciondy, intermittent rain. 

Perez de Cuellar the UN Sec- 
retary General, were dead- 
locked. 

A full Security Council meet- 
ing took place after Sir Anthony 
Parsons, Britain's chief dele- 
gate at the UN. yesterday after- 
noon gave the Secretary General 
the British Government’s reac- 


tion to the latest settlement 
ideas put to Brilain by Argen- 
tina. late on Tuesday night. 

At Westminster the feeling 
grew that a major stepping up 
of British military action to 
retake the Falkland islands 
was beginning to appear 
inevitable. The Prime 
Minister. Mrs Margaret 
Thatcher, in a radio interview 


said the outlook for more 
negotiation did not " look 
very encouraging" and ihe 
gap between the two sides 
seemed wide. 

In Benoits Aires diplomats 
argued that Argentina had 
tried to be conciliatory, in 
particular over the crucial 
questions of future adminis- 
tration and sovereignty over 


the Falkland*. But they said 
that Brilain had hardened its 
stance. 

Mrs Thatcher is expected to 
outline ihe course of negotia- 
tions and the future direction of 
British policy when she opens 
the sixth Commons emergency 
debate on the crisis this after- 
Con tinned on Back Page 

FaWamls Crisis, Page 4 


U.S. parent poised 
to run Woolworth 


‘NO COMMENT’ BY MINISTRY ON INVASION CLAIM 


The Ministry or Defence had 
a bland no comment yesterday 
on suggestions from Argentina 
that Britain's naval task force 
might already have begun an 
invasion of the Falkland 
Islands. • 

Despite official suggestions 
at the weekend that the tempo 


nr military activity could be 
expected to increase, following 
tbc attack on Pebble Island, 
one of the Falkiands group, 
the Ministry has issued no’ 
operational Information in the 
past three days. 

It has even refused to con- 
firm Tuesday's reports from 
journalists aboard the flag 


Sterling down sharply, equities fall 


ship Hermes that reinforce- 
ment Harrier jump jets had 
joined the task force. Its 
snle communique yesterday 
announced that the Govern- 
ment would broadcast in 
Spanish to the Argentine 
garrison on the Falkiands 
from a BBC transmitter on 
Ascension Island. 


3D-SHABE INDEX 
•vrauttMovarai's - 


BY DAVID MARSH AND JOHN MOORC 


STERLING . ' LOST ground 
sharply yesterday and share 
prices dropped again tn London 
as .the financial- markets under- 
went another attack of jitters 
over the Falkland.? confronta- 
tion. 

The pound closed in London 
at $1.7965, down 1.75 cents from 
Tuesday and its lowest closing 
level for a fortnight. 

In . . ' European currency 
markets nerves were strained 
1 by the increasing likelihood of 
a British invasion of the Falk- 
lands. Trading was very thin 
and erratic, however, with most 
1 centres due fo close today for a 
holiday and many international 
i foreign-exchange dealers travel- 
, ling to London for the start 
today of ihe annual meeting of 
the International Forex Asso- 
ciation. 

The dollar made a general 
1 recovery on the currency mar- 
kets as U.S. interest rates 
firmed. It closed in London at 
DM 2.3205 against DM 2.3150 


on Tuesday. • 

Sterling dropped against con- 
tinental currencies, finishing at 
DM 4.17 (DM 4.20) and SwFr 
3.5550 (SwFr 3.5725). Its trade- 
weighted index computed by the 
Bank of England fell sharply 
to 89.6 from 90.0, and the Ban): 
was thought to have intervened 
to steady the rate in (he day. 

Short-term interest rates in 
London remained firm. Money- 
market interest rates rose by 
3 per rentage point. The Bank 
of England took' steps In counter 
fears of tighter credit hy 
absorbing th* money-market's 
shortage by liinchfirae. 

However. Falkland hi ups. 
worries about Britain’s EEC 
row over farm prices, together 
with reaction to Tuesday's news 
■of the in tcrrsi -payment default, 
in New York by Drysdalh 
Government Securities, com- 
bined fo depress the UK equity 
market. 

Leading shares showed sharp 
falls although prices closed 


above ifrur lowest levels of-iI»e 
day:' 

The Financial Times 
Industrial ordinary index, the 
barometer of the share-price 
movements of 30 leading com- 
panies. dropped 10.5 points, to 
561.9, after showing a fall of 
12.1 points at lunchtime. The 
renewed slock market slide took 
the drop so far this wee.k lo 28.7 
points. 

In the stockxnarket jobbers 
said there was not a buyer of 
shares in sight in the morning 
but investors later drifted hack 
to capitalise on the day's 
sharper falls. Sizeable selling 
was reported by overseas inves- 
tors. 

The weakness in sterling and 
ihe Osiinuing pressure on 
short-term interest rates led lo 
selling in the gilt-edged Cnarket 
also by overseas investors. Falls 
ranged tn £f and the govern- 
ment securities index fell 0.55 
points, to 68.52. 

Money Markets, Page 40 


AfiAMSmcn-WMC 


f^sYBUBran 


ACAWSTTIES 


£ in New York 


Spot I SI .8085- 8 105. SI. 802 5 -8050 
1 month 1 0.26-0.52 pm '0.26-0.51 pm 
3 monthsi 0.66-0.71 pm (0.64-0.69 pm 
12 monthsi 1.95 2.05 pm ll.96-2.05 pm 


BY RAY MAUGHAN 

THE U.S. parent of F. W. Wool- 
worth is poised to take direct 
management control of the 
ailing variety store chain for 
the first time since the British 
subsidiary emerged as a public 
company over 50 years ago. 

The New York company, 
which shares with its UK off- 
shoot the same name, opera- 
tional style and recent lack of 
profitability, has appointed an 
executive vice-president as 
chairman and chief executive 
elect of its 52.6 per cent con- 
trolled subsidiary. 

Mr John L. Sullivan, who has 
been responsible for the main- 
stream Woolworth and W'oolco 
businesses in. the U.S., was 
appointed to the UK Board as 
deputy chairman yesterday and 
is expected to succeed Mr Geof- 
frey Rodgers. Vie chairman and 
chief executive, on his retire- 
ment . next March. Mr Rodgers, 
who is aged 60, would have been 
due for relireemnt two months 
ago . in ' line • wilh. .. company 
policy but had agreed to remain 
in office for an additional year. 

Mr Arnold ' S. Anderson, 
senior vice-president of the 
parent, has been appointed to 
the UK board, joining Mr 
Edward Gibbons, the U.S. chair- 
man, and Mr John Lynn, vice- 
chairman. in Britain in a non- 
executive capacity. 

The board changes follow the 
resignations last week of two 
executives from the UK board 
for what were described as per- 
sonal reasons. Mr J. H. 
Bradwell, a director in charge 
of buying, and Mr J. Blair, who 
had responsibility for "Wool- 
worth’s extensive property port- 
folio, departed within two 
weeks of their re-election at the 
annual meeting. 


Mr Rodgers faced strong cri- 
ticism from shareholders at that 
meeting over the dividend cat. 
for 1981 and the decline in pro- 
fitability. ' 

Woolworth produced profits of 
£22.1m beforetax last year show- 
ing a sharp successive fail in 
profits of £3 6.5m and £56.4m for 
1981 and 1330 respectively. In 
the first three months of the 
current year, losses from the 
1.000 UK stores had deepened 
further to £2.35m. The first 
quarter, however, is always re- 
garded as the “least significant" 
of the four. 

The UK company has attemp- 
ted to arrest the decline in 
earnings by upgrading its pro- 
duct range and. responding to 
trends in the British high street, 
moving into specialist areas such 
as Do-It-Yourself stores. 

The parent too, has been 
struggling. - - Its first-quarter 
losses deepened to 316m 
(£S.9m) after tax against a 
deficit of $2m in the compar- 
able months of 1981 and Its debt 
rating was lowered by Standard 
and Poor’s, one of the main U.S. 
credit rating agencies, last 
December. Its shares, however, 
have been attracting strong 
speculative interest recently on 
bid rumours and the group, 
which takes in outlets in 
Mexico, Canada and “virtually 
every sizeable community in 
"West Germany,” fought off a 
$1.13hn tender offer from the 
Canadian company, Brascan, 
three years ago. 

Mr Sullivan has been pro- 
moted through the Tanks of 
Woolworth executive and is 
understood lo have gained bis 
experience in the group's 
general retail operations. 

Lex, Back Page 


■ - - 


Hospital services hit by strike 


BY OUR LABOUR STAFF 

HOSPITALS ACROSS the 
country reported widespread 
disruption of patient care ser- 
vices yesterday as thousands of 
National Health Service 
workers obeyed their unions* 
call for a national 24-hour 
stoppage. 

However, there were starkly 
contrasting claims as to the 
level of support. 

While the unions unanim- 
ously reported heavy backing, 
the Department of Health and 
Social Security said initial 
reports indicated a patchy 
response. 

The action, co-ordinated by 
the TUC health services com- 
mittee. was called by 10 health 
service unions in protest at the 
Government's 4 per cent to 6.4 
per cent pay offer. 

Unions representing nurses, 
ambulance personnel, canteen 
and laundry staff, porters, 
clerical workers and laboratory 


technicians, seek a 12 per cent 
rise for all NHS employees. 

The TUC health services 
commfttee is to meet today to 
discuss the action. Further 
national two hour stoppages are 
io take place next Thursday, 
continuing on a weekly basis. 

The committee may also dis- 
cuss referring the dispute io 
the TUC General Council with 
the aim of seeking wider trade 
union backing. 

Mr Arthur Scargill, president 
of the National Union of Mine- 
workers, has already pledged 
support. 

Many hospitals were forced 
yesterday to reduce services to 
emergency and accident cases 
only. But in several areas od 
industrial action was reported. 

The strike was mast effective 
in major population centres in 
Scotland, the North of F.ngland, 
"Wales and Northern Ireland. 
Southern and rural areas were 

— CONTENTS — 


less badly hit 

Peaceful picketing and demon- 
strations took place across the 
country. 

The 235,000-strong Confedera- 
tion of Health Service 
Employees claimed last night 
that nearly 90 per cent of its 
900 branches had taken part in 
industrial action affecting ser- 
vices at more than 2,000 
hospitals. 

The National and Local 
Government Officers’ Associa- 
tion, with 90,000 NHS members 
mainly in clerical grades, said 
many administrative offices had 
been reduced to skeleton staffs. 

The National Union of Public 
Employees reported that over 
75 per cent of its 300.000 NHS 
members had taken part in Ihe 
action 

Earnings increases lowest for 
four years, Page 8 
Firemen give two week 
strike deadline. Page 10 


EEC farm vote: how Britain was out- 
flanked ----- 20 

Economic viewpoint: key issues for 
for world leaders 21 

Management: the marketing of Totten- 
ham Hotspur 1 12 

Business law: Lord Denning on law 
reform 13 


Technology: a rosy fuutre for coil 

coaters 14 

Editorial comment: monopoly in civil 
aviation: West Germany economy 

20 

Lombard: David Marsh on how to keep 

the Bank in touch 21 

Jobs column: blow to hopes of better 
Survey: steel industry 15-18 



AnHinran Nmn 

Appo mtmmts : 

UK 

International ... 

Appts. Advig 

Arts 

Bm Bates 

Commodities 

Companies UK 22, 1 

Contracts 

Crossword 

Econ. Indicators — 

Entertain. Guide ... 
European News - • 
European Option! 


Euromarkets 

FT Actuaries 

Foreign Exchanges 

Gold Markets 

Inti. Companies . ■ 
Jobe Column .- •• 

Loader Page 

Letters 

to 

Lombard 

London Options ... 

Manegoment 

Mon & Matters ... 

Mining 

Money Market* ... 


Oversea*! New* ... 4 

Parliament .... H 

Racmg “13 

Share Information 42, 43 
Stock Markets: 

London 39 

Wall Street . 3B 

Bourses 33 

Technology 1* 

TV and Radio ... 13 

UK New*: 

General 8. 9 

Labour 10 

Unit Truss: 

Authorised 40 


Others 41 

Weather 44 

World Trad » Wnw 6 

ANNUAL STATEMENTS 
Euro.Clear 28 

Iron Trades Ins. ... 28 

lond. and Nlhn. ... 7A 

Moot Henneasy ... 30 

Rush 5 Tompkins 22 

Shell 23 

Unilever 25 

OFFERS FOR SALE 
K'moiilh. Water ... 24 

Wrexham Water ... 24 


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Financial Times Thursday May 20 1082 


EUROPEAN NEWS 


Bruce Andrews reviews Swedish hopes of playing a key role as the centre of a European gas network 


Strategic position for neighbours’ gas reserves 


SWEDEN COULD play a key 
role in . the provision of 
Europe's future gas supplies, 
even though it has no natural 
gas resources of its own, 
according to Swedish officials. 
They foresee a gas network 
centred on Sweden to link gas 
supplies from offshore Nor- 
way and the Soviet Union to 
markets in Scandinavia and 
Central Europe. 

An important part of 
Sweden's hopes rests on a 
current investigation erf the 
feasibility of routing through 
Sweden gas from Norway's 
recent discoveries in Arctic 
waters: Tromso and Halten 
Bank. This is based on the 
assumption that between 15 
and 25bn cubic metres of gas a 
year will be available from 
these discoveries in the 1990s. 
The Swedes acknowledge that 
reserves to support these 
quantities have yet to be 
established but feel that they 
are likely to be proved after 
further exploration. 

“ We must be ready to 
negotiate,” stresses Mr Claes 
Lindgren, managing director 
of Swedegas, the state-owned 
gas company. Mr Lindgren 
points out that other options 
open to the Norwegians 
include shipment of liquefied 
natural gas (LNG) or an off- 
shore pipeline to the North 
Sea Statfjord field and then 
to Europe either direct or. 


conceivably, via another pipe- 
line to and through the UK 
and across the Channel. 

The Swedish Government 
recently asked the state power 
board, Vattenfall, to investi- 
gate the idea of a trunk line 
linking these northern 
Norwegian discoveries through 
Sweden, to west Central 
Europe. Vattenfall is studying 
pipeline construction, allocat- 
ing SKr 80m (£7.6m) from its 
own resources for the purpose, 
and Swedesgas is analysing the 
gas market for the whole of 
Sweden. 

The project could be carried 
out in two phases. 

First, north Norwegian gas 
to Sweden and via Sweden to 
Finland and Norway. It is 
known that enough reserves 
already exist to supply com- 
paratively small quantities of 
gas and supplies might start 
from as early as 1980, bo tiding 
up to as much as Gbn cubic 
metres a year. 

Second, north Norwegian gas 
via Sweden to western Central 
Europe. The development of a 
trunkline through Sweden to 
supply this market is foreseen 
in the early 1990s. 

In the meantime, Sweden 
expects to import 440m cubic 
metres of gas a year from the 
Danish Oil and Natural Gas 
company (DONG) under an 18- 
year contract starting in 1985. 
Gas supplies from Danish off- 


shore fields will be augmented 
by West Germany's Ruhrgas 
for the first five years. 


An important aspect of this 
contract is that, in return for 
investing DKr 220m (£15.2m) 
in the Danish grid, Swedegas 
has the option to buy up to 
2bn cu metres of Danish gas in 
total or to transport a further 
2bn cu metres through the grid, 
in either direction. The difficul- 
ties experienced by Dong in its 
internal marketing do not 
appear to affect these arrange- 
ments: they may even result in 
more gas being made available 
to. Sweden. 

Danish gas will be distributed 
in southern Sweden by the 
regional utility, Sydgas. with 
Swedegas building a trunkline. 
Construction is due to start 
early next year. Total invest- 
ment, excluding end-user Instal- 
lations, was estimated at 
SKr Ibn in 1981 and contracts 
are expected to be placed within 
six months. 

The Danish link opens the 
option of bringing gas to Sweden 
from Norwegian North Sea gas 
fields south of parallel 62, such 
as Sleipner and Troll. The 
Swedes observe that the Danish 
offshore line is only aibout 30 
kilometres from the Stattfjord/ 
Ekofisk/Emden system and a 
link would be comparatively 
easy. 

All this tends to overshadow 
the possibilities of Sweden using 


ill! 


I 


ii 


i 


American Airlines' wide-bodied 747's, 

ihatis. 

Because, from today, American A'rlines 
start their new non-stop service between Gatwick 
and Dallas Fort Worth, five days a week*. 

Now allhough they're new to these 
shores, American is an airline more than well- 
known to its countrymen. ' 

Intact, people who fly regularly in 
America have voted us number-one in four 
surveys. 

Number-oneforservice. 

But we're also famous for 


something else equally 
importantto people visiting 
the USA 

Choice of internal destinations. 

Every day,we have 236 flights out of 


gatwick 



gas from the Soviet Union. 
Discussions with the Soviets and 
the Swedes aver gas imports 
through Denmark have been 
taking place since the mid-1960s 
but have been inconclusive. Now 
the Finns are considering 
additional gas supplies from the 
Soviet Union, and a year ago the 
Soviets approached the Swedes 
with the offer to supply gas 
through Finland, by a trans- 
Baltic pipeline to Gavle and 
then to central and south 
Sweden, linking with the Sydgas 
system. 


[Barents Seal! 


proms' 


GAS TO SWEDEN 


..tv 

/ \ 

\ 


sir 

U 1 

/ \ 


From the Soviet view, the 
transmission of gas to Sweden 
via Finland, unlike the plans to 
send gas to west central Europe, 
does not mean large investment 
in additional pipeline capacity. 
Capacity to Leningrad was 
recently increased and could be 
used for additional gas with an 
increase in compression 
facilities. 


The Swedes prefer the 
F innis h route for Soviet gas. 
They are not interested in spoil- 
ing their other Danish options 
and they value the security o£ 
another route. They foresee 
imports of l-2bn cubic metres a 
year of Soviet gas towards the 
end of the decade and are watch- 
ing to see how the Soviet- 
Finnish investigations turn out. 


r Karst# 


LCoteborg. 


tEksflsk 


So Sweden looks north, west 
and east for gas. There is also 
great interest in Soviet plans to 
drill for gas in the Barents Sea. 


SoumSWaXGAS 


I 


I 


I I 


I 


I 


Dallas to a wider choice of American cities than 
any other airline. 

Fly with us and Dallas becomes 
America's greatest gateway. 

Every day, except Monday and Tuesday, 
the Americans will depart Dallas at 1740 and 
arrive Gatwick at 08.30. And every day, except 
Tuesday and Wednesday, they'll depart a a 

PALLAS 


p 0 ** t0 ' >0 ^ Gatwick at 11.10 and arrive 

Dallas at 15.05. 

So, if you'regoing to the United 
Sfates,fTom now on all you need is an American. 










Nobody dess H like an American 


■^ubfecHoGovBmn^AppjwaL 


Yugoslavia moves to 
end delays 


V 


in repaying creditors 


BY DAVID BUCHAN 


YUGOSLAVIA HAS .passed a 
foreign exchange daw designed 
to end recent damaging delays 
by some of its-regknal banks in 
payments to overseas creditors. 
The lew. which runs until the 
end of this year, marks an im- 
portant political concession by 
Slovenia which . had earlier 
objected to sharing its relatively 
higher foreign currency earn- 
ings with other republics in the 
Yugoslav federation.. 

Yugoslavia has now brought 
itself up to date with repay- 
ments of Sl.l'bn on foreign long 
and medium term loans and of 
$459m on short term credits so 
far this year, accoxdhig to Mr 
Veselin Djuranovic, who, under 
the country’s rotating leader- 
ship system, was replaced last 
weekend by Mrs Milka Planinc 
as Prime Minister. 

Payment delays this- spring 
had compounded Yugoslavia's 
inability to raise new inter- 
national loans in the climate of 
Western banking scepticism 
about East European markets. 
Despite recent successes in 
obtaining some bilateral loans 
from Kuwait and West German 
banks, Yugoslavia still wants to 
make another approach to Wes- 
tern credit markets, maybe 
before tourism gives, the 
country’s currency earnings its 
customary, boost in the second 
half of the year. But the tim- 
ing of this will depend on the 
temper of the credit markets 
and on bow fast fee new 
Planinc administration settles 
in. 

The law. passed last Week by 
the federal assembly but only 
published in fun this week, 
seeks to increase the avail- 
ability of foreign exchange 
inside the country. It requires 
companies to repatriate to 
Yugoslavia their export earn- 
ings within 60 days, instead of 


90 .days. This should bring 
back into the country roughly 
one-third of the $870m which 
the Belgrade authorities esti- 
mate is. being held abroad. ' 

" One Yugoslav banker in 
London acknowledged yester- 
day that by demanding speedier 
payment for its goods, Yugo- 
slavia might make them less 
attractive to foreigners. But be 
commented, the country would 
simply have to make its exports 
more competitive on aspects 
other than credit - 

The second main provision of 
the new law requires companies 
to sell 15.9 per cent of hard 
currency export earnings to the 
national bank, which would 
funnel them onto the domestic 
foreign exchange market The 
aim .is to prevent partially the 
hoarding of hard currency, 
which bad virtually dried up 
the foreign exchange market 
and forced some regionally- 
based banks in Croatia, Mon- 
tenegro and Kosovo to run 
short of the means to repay 
foreign debts. 

The new slice of foreign 
exchange to be compulsorily 
sold to the national bank is 
below the country’s overall 
debt service ratio; which runs 
around 20 per cent of total hard 
currency earnings. But it comes 
on top of a previous require- 
ment whereby 10 per cent of 
foreign currency is paid into 
the national bank to meet the 
nation’s oil import bUL 

The new law seems to have 
been deliberately limited in 
time and scope to win the 
acquiescence of Slovenia, the 
richest and most e r pars- 
on enta ted part of the country, 
which has been promised it can 
buy back from the national 
bank all the necessary currency 
to finance vital imports. 


0 


Solidarity hunger strike 
enters second week 


BY CHRISTOPHER BOMNSKI M WARSAW 


A GROUP of senior Solidarity were continuing the protest " 
notion officials interned at which would suggest that two •: 


Bkdoleka prison in Warsaw are 
still on hunger strike according 
to one of them, Mr Jan Rttiewski, 
the undo® leader from Bydgoszcz. 

Looking patie and rather 
thinner than at a previous 
appear an ce, Mr Rnlewski said, 


Warsaw are of the group have dropped out * 
ke according The group includes some of 
ran Rttiewski, the more radical of Solidarity’s 
m Bydgoszcz, leadership, like Mr Andrzej ; 
and rather Gwiazda, Mir Lech Walesa’s - 
a previous deputy from Gdansk, and Mr . 
ilHwsld Raid.- £*ch DymsarekS from Poznan.- 


at a court Searing m Nowy ^ uro ?. 

Dwor MazowfeddT/ 20 rales M^elewsta-, % two . mfluemtaal 


north of Warsaw that he had fiffOT^ m roe movement, are 


taken no food since May 12. 

The court adjourned the hear- 
ing after a doctor testified that 
Mr Rulewski was in no state 
to give evidence. Mr Rutewski 
is charged with manslaughter 
following the death of a 
pedestrian In a traffic accident 


also taking part 
While answering questions on 
his health, Mr RuJewskl slipped \ 
in a statement that be was in ./'"-Y 
favour of the Romani Catholic -’.-V 


Church’s proposals far talks 


with the authorities. "I support , 

the appeal of - the Polish 
bishops," he said- g£*v ' 7, > 


TJe case has -ready teen p 0 u^ miner* have V 

failed for three 

years by a military tribunal in <-V 
the evidence, be should be Katowice, Poland’s coal and 

acqintted, steel capital in the south ao £^r> 

Mr Ridewskt told Ihewoxt: cording t0 The official news 
Th e aet enn med o pposition of agency PAP said. The men, who 
the people is continuing and I work at the May Day colliery 
will continue with my hunger at Wodriria Slaski, were 8w 
ririjw*" _ , _ . found guilty of “ dodging work tf&Crzt 


st ^ e * . , _ . found guilty of “ dodging work 

The action is directed against m a militarised establishment &5 ,v '- 
the imposition of martial law by illegally, crossing into 
and tin support of a demand that Czechoslovakia with the inten- w 
the authorities st&rt talks with tion of reaching Austria.” The 
Solidarity. two were tried under the sum- 


He said in court that 14 peoptie mary law procedure. 


Danish PM presents tax 
and farm aid package 


few 


BY HILARY- BARNES IN G0884HAGEN 


DENMARK’S Prime Minister,. 
Mr Anker Joergensen, yesterday 
presented the Folketing (Par- 
liament) with a package of 
indirect tax measures, aid for 
agriculture and a job creation 
scheme aimed especially at the 
under-25s. 

The minority Social Demo- 
1 erratic Government plans to raise 
I about DKr 4tin (£275m) by 
increasing taxes on wines, 
spirits, tobacco, sugar and most 
forms of energy, and by intro- 
ducing a tax on videotapes. But 
the car registration tax is. to be 
reduced slightly by three stages 
over the coming year. 

The Folketing will begin to 
debate the measures on Monday. 
As . the Government has failed 
to reach agreement, with the 
other parties which usually 
support it, there is no guarantee 
it will be able to carry its 
measures. 

The tax increases are intended 
to finance the job-creation pnx 
gramme and agricultural- sup- 
port without, leading to a 
massive Increase is the budget 
deficit, . which Is expected to 
reach about DKr 65bn this 
year, compared with a first esti* 
mate of about DKr 41bn. 

The Prime Minister said the 



Mr Anker Joergensen: Job- 
creation scheme'. . 


youth employment measures are 
the start of a programme which 

will guarantee- every person 

under 25 a job or a® education 
'by 1984. - • -. . 

So far, the Government has 
only promised the farmers ‘about 
DKr 700m this year -/.and 
DKr 300m in 1983, ■ but: toe 
Government is still negotiating 
with other parties, on measures 
.which could increase the r'snp- 
port for agriculture; ' . -. 7 / 7 ; 




m 


■M 


m 




Jobs forecast for youth 


GENEVA — Unemployment 
among young ..people . . in 
developed countries should 
shrink considerably by, 1990 but 
rise drastically elsewhere 
hecause of demographic 
patterns.' according to statistics 
compiled by the International 
Labour Organisation. 

By the- end of the decade, the 
number of young workers . in- 
^developed countries,, now at 
about 110m; is expected to drop 


by about '. 'lSni, ' . a : decline 
approximating. the; _ present 
number of unemployed youths. 
- For the developing countries, 
however, “the.; prospects are 
alarming,” the JLO summary 
warns. 

AP ■ 



'FINANCIAL -TIMES.' Mitiiafart drily 
e*copt Sundays '-a nd^-l ioIlOsys. • U.S. 
auowriprini rates $38fS.CO par annum. 
SeconU .Class .postasa .prid at Nsw 
Yortr; N.V.. and . ar etfdltHwal iMlUnff 
comras. - • 



3 




We’ll never know how many 
ideas have been lost, or chances 
missed, because they were simply 
never noticed. 

But at Sperry, we’re 
determinednotto overlook asingle 
one 

Staying inventive and ahead 
in a technological world requires a 
uniquely human skill 

The ability to listen. 

Which is why we’ve set up 
listening training programmes, 
world-wide, for Sperry employees 
to attend. 

In computer science, defence 
and aerospace, where new systems 
can take decades to develop, we’ve 
found the best way to meet 
tomorrow’s needs. 

Listen well enough to 
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it has a chance to knock. 


SPERRY 

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Financial Times Thursday May :20 1982 


EUROPEAN NEWS 


e Satisfaction— and concern— in EEC capitals over farm vote 


BY OUR FOREIGN STAFF 

TIIE ** steamroller " approval of 
the European farm prices pack- 
age was greeted in European 
^•capitals' yesterday with a mix- 
^ture of satisfaction und appre- 
hension. The general response 
was that Britain has isolated 
itself, taking, a rigid stance on 
2 ran issue which could not pro- 
vjVperly be regarded as an issue 
,]viOf. important national interest. 
_,_ Jr The price package, they be- 
~ lieve, was not a suitable subject 
rtf for a. veto under the terms of 
'7«tbe “Luxembourg compromise " 
-' which... since 1966. has allowed 
"'-.Yor most important Community 
_ ^decisions to be passed only by 
" s 3n unanimous vole in the Coun- 
-*|!cil of Ministers. 
f'. The decision to bypass 
-.^‘.Britain's veto provoked fears 
in France, however .that it could 
. be used as a precedent and 
. /' could easily backfire 
- The strongest statement came 
J-.-from the neo-Gaullist RPR 
-..'opopsition party. This is hardly 
'V. surprising, since General de 
Gaulle was behind the 1966 
l''. "Luxembourg compromise." 

L M Bernard Pons.the Deputy 
Leader. said the French 
-"...Governmenthad taken “an his- 
toric risk for an insufficient 
Ijresult" and that it was now 
,1 .“very seriously exposed." 

'.f . Mine Edith Cresson, the Agri- 
'* culture Minister, yesterday 
repeated Government assur- 
‘‘.l&nces that the spirit of the 
^■“Luxembourg compromise"— 
that Community mechanisms 
^should function harmoniously 
^jand that nobody should be 
a ;^jravelv wronged — would be 
"iipheld. The rule of unanimous 
^'decisions for "important, vital 
f^and justified issues" would 
'Vremain in force, she said. 

Whatever precautions the 
French Government and its 
■ s '- partners took, a “hoomerance 


Britain will introduce price rises 


BY LARRY KLINGER IN BRUSSELS 

ALL EEC countries will im- 
plement today the measures 
giving farmers record guaran- 
teed price rises. 

These range between 8J> 
and 11 per cent for most 
major northern products, and 
up to 14 per cent for the main 
-Mediterranean produce. 

Britain feels it has no 
option but to introduce the 
new prices, for both political 
and practical reasons. 

“Whether we like it or not, 
the new price levels arc now 
Community -law," said an 
official. 

“We would have to think 
very carefully indeed before 
taking such a step. We could 
even find the Government 
taken to court by . its own 
farmers.” 

The more important 
immediate danger, however. 


would b<> the courting of 
chaos in Britain's agricultural 
trade within the EEC. With- 
out British participation, 
different price levels would 
operate elsewhere in the Com- 
munity. tempting a market- 
disrupting movement of UK 
produce to take advantage of 
guaranteed higher prices and 
storage outside the country. 
To eombat this, elaborate and 
probably impracticable 

measures would have to be 
introduced on Britain's 
frontiers. 

Stripped or the drama over 
the majority vote, however, 
the 1982-83 price-fixing was 
“ traditional ” in the ex- 
treme. 

The ministers added their 
customary one to three per- 
centage points on most of the 
European Commission's pro- 
posed price rises. Coupled 


with special aid measures and 
agri-monelary adjustments, 
these will give farmers 
increases ranging from aroand 
7 per cent in West Germany 
to nearly 20 per cent in 
Greece. The UK figure is just 
above 10 per cent. 

Each of the ministers can 
again claim a victory for his 
or her farmers, including Mr 
Peter Walker. Despite his 
buffeting in trying to main- 
tain Britain’s veto, he take? 
home a substantial price 
award to his national farming 
constituency. 

The news is less good for 
consumers, however. The 
British Ministry of Agricul- 
ture estimates that the pack- 
age as approved will add 1} 
per cent to the UK’s retail 
food price index and only i 
per cent to the overall retail 
price index. 


effect" could not be excluded, 
the right-wing daily L’Aurore 
said. This concern was shared 
by the Socialist newspaper. Le 
Matin de Paris, which warned 
that when it came to other 
thorny decisions, such as fruit 
or wine, France would find out 
just what a majority- vote im- 
plied. 

Britain's position had at least 
" the merit of being brutal and 
clear," while that of its partners 
was “ strangely ambiguous." 

The broadly pro-Government 
Le Monde, however, said 
France was right not to give in 


to ’* blackmail " and that this 
was ** in a way the true Gaullist 
reflev." It blamed Britain for 
embarking on a “ destructive 
exercise " and for forcing the 
other members into an institu- 
tional confrontation. 

In West Germany all four 
parliamentary parties — and 
virtually all national dailies — 
welcomed the majority vote 
against Britain, saying the 
London government had iso- 
lated itself. 

The cabinet yesterday 
stressed that Bonn continued to 
believe that member slates 


should not be overruled in the 
Council on matters of "vital 
national interest" 

A government spokesman 
explained that Bonn felt the 
farm price decision had been 
one of procedure, not of sub- 
stance. and that a veto could not 
be justified. 

The reaction of the parties 
showed not only relief that EEC 
farm prices had at last been 
fixed, but displayed much of 
the irritation with Britain's 
stand on EEC issues which has 
been building up here for 
months. 


Typical was the reaction of 
tile liberal Free Democrat 
Party, the junior partner in the 
coalition. It said that at last 
the "Gordian knot" had been 
cut, and warned that if Britain 
sought to withhold EEC budget 
payments, it would be cata- 
pulted out of the Community*. 

This near-jubilation has 
served to drive West Germany’s 
continuing support for Britain 
in the Falkland.*; dispute some- 
what into the background. How- 
ever, the Government spokes- 
man reaffirmed that Bonn — like 
Paris — would stick by Britain 
“ as long as the conflict 
continues." 

NRC Handclsblad. the leading 
business paper of the Nether- 
lands, said Britain had got only 
what it deserved. “ But is the 
logic of agriculture policy the 
final logic of European integra- 
tion, and is farm polity* always 
to be presented as the sfcowpiEfie 
of European co-operation? ’* 

It thought not. •* Europe’s 
future,” it concluded. “ does not 
lie in the farmyard and its place 
in the world of tomorrow must 
be decided by other than farm 
factors. 

“ Not only the fact of the price 
rise, but also the manner in 
which it was done — cutting 
knots is no solution — show that 
this fundamental reality has not 
vet been sufficiently well under- 
stood by the majority.’’ 

There was some relief in 
Rome that the farm deal had 
taken the critical spotlight off 
Italy, following ils refusal to 
endorse even the seven-day ex- 
tension of sanctions against 
Argentine. 

Yesterday. Sig Emilio 
Colombo, the Foreign Minister. 
moved to amend damaged fences 
when he summoned Sr Rodolfo 


Gen. Charles de Gaulle, whose actions led to the 
“ Luxembourg compromise " which is threatened by 
Tuesday’s vote. 


Luchelta. the Argentine ambas- 
sador to Rome. He told him that 
Italy’s action in no way implied 
any change in the country's 
fundamental disapproval of 
Argentine’s use of force in the 
FaUclands. 

The potentially disastrous 
deterioration in Community* 
relations witnessed this week 
has left a feeling of acute un- 
case and apprehension here. 
This, however, is mingled with 
something approaching stupe- 
faction that Britain could have 
hoped to achieve success on 
three negotiating fronts (sanc- 
tions against Argentine, the 
Community* budget, and farm 
prices) without being ready t*v 
give ground on a single one of 
them. 

There was little sympathy in 


Dublin for British complaints. 

Politicians and officials believe 
the UK violated the letter and 
the spirit of Community law by 
holding up the farm price deal 
in support of what the Irish see 
as the unrelated issue of British 
budgetary contributions. 

The delays were expensive 
for Irish farmers. It is esti- 
mated that the beef and dairy 
sectors lost If 17m as a result of 
the six week hold-up. 

There is a view chat the Irish 
Govemmeht might have found 
it easier to continue trade sanc- 
tions against Argentine had 
Britain shown more willingness 
to respond to the original EEC 
solidarity by recognising the 
importance of the farm price 
package to the agricultural 
economies in the Community. 


Inflation Mts French economy 




' BY DAVID HOU5EGO IN PARIS 

/:• 

THE FRENCH economy is suf- 
fering at the hands of continu- 
ing high Inflation and stagnant 
industrial production. This is 
the conclusion drawn from two 
official documents published 
yesterday. 

According to the government 
statistics office. Insee, consumer 
prices rose by a provisonallv 
^estimated 1J. to 1.2 per cent in 
i>pril over the previous month, 
•'or at an annual rate of about 
■v "14 per cent; 

*-. r This is in sharp contrast to 
' the rapid deceleration in inBa- 
b.iioD in most other industrialised 
.economies. It is also well above 


the target of an annual infla- 
tion rate of 10 per cent that 
the government had hoped to 
achieve within this year. 

At the same time, the Bank 
of France, in its monthly sur- 
vey of business, found that pro- 
duction sagged in April. Out- 
put of consumer goods con- 
tinued to rise slowly but there 
was a fall in the production of 
intermediary goods. 

Official con.cem at the loss of 
momentum in the economy was 
behind the government decision 
last week to provide a further 
reflationary stimulus by accele- 
rating the capital expenditure 


programme of the newly 
nationalised industries. 

The disappointing inflation 
figures are in line with a simi- 
lar increase of 1.2 per cent in 
consumer prices in March over 
February. The April figures 
seem to have been bosted by a 
rise in food prices and by 
sharper-than-expected increases 
in earnings. Hourly wages rose 
by 4.8 per cent in the first 
quarter. 

The increasing divergence 
between the inflation rates of 
Franre and Wesi Germany is 
bound to add to the pressures 
for a devaluation 


Key wage rise 
agreed in 
Netherlands 

By Walker Ellis in Amsterdam 

} REPRESENTATIVES of the 
Netherlands’ 270.000 metal 
workers reached agreement in 
principle yesterday with em- 
ployers on a wage rise of 2.5 
per cenl from July 1.’ It is in 
line with the outgoing centre- 
left Government’s recommenda- 
tion and is seen as a victory 
for the moderates. The deal 
has still to be ratified by union 
members. 

The metal workers’ increase, 
is normally an indication of 
the national pattern. 


Saudis soft-pedal on tank deal 


BY JAMES BUCHAN IN BONN 

SAUDI ARABIA is continuing 
to act with great sensitivity 
over West Germany's political 
aversion to the sale of weapons 
despite its unchanged interest 
in buying the Leopard II tank. 

In an interview in Frankfurt 
Mr Mohammed Abdo Yamani. 
the Saiidi Information Minister, 
said that arms deliveries were 
not the deciding factor in 
Saudi- West German relations. 
“We are cooperating in many 
areas of r imueh greater impor- 
tance than the delivery of a few 
more .weapons," he told the 
West . German ■ news , agency, 
DPA.~ 

Mr YamanVs remarks will be 


a considerable relief to the Bonn 
Government, which has been 
concerned that its failure la 
make any firm promises over 
the Leopard II might damage 
commercial and economic 
interests in Saudi Arabia. 

A new element in the picture 
is a revision of guidelines on 
West German weapons exports, 
approved at the end of the 
month. This makes a Leopard 
II sale to Saudi Arabia theo- 
retically possible without in any 
way altering the decisive politi- 
cal hostility to such a sale. 

In facL Mr Yamani made clear 
that Saudi Arabia had not made 


a fresh approach in the light of 
the new guidelines. 

“We have taken no new 
steps," he said. It was up to 
Chancellor Helmut Schmidt to 
decide when he could answer 
for deliveries, and only then 
would the Saudi Government 
and Prince Sultan, the Defence 
Minister, make clear their 
needs. 

Prince Sultan is known to be 
extremely keen on the Leopard 
II as a replacement for Saudi 
Arabia's ageing French and 
U.S. tank fleet but the Saudi 
ruling circles appears, as a 
whole, to be against pressing 
the issue hard. 


W. German 

unions 

elect 

new leader 

By Stewart Fleming in Frankfurt 
BERK ERNST BREIT, head \ 
of West Germany’s Post ‘ 
Office Union, has been elected I 
by an overwhelming majority 
to bead the DGB. the country's 
trade union federation. 

At the DGB’s congress fn 
West Berlin 499 of the 522 
delegates, representing Rm 
members of affiliated unions, • 
approved the election of the 
57-year-old union leader. He 
will succeed Herr Heinz | 
Oskar Vetter. The latter is i 
retiring after 13 years in 
office against a background of 
deep dissension in the move- 
ment and In the shadow of a 
recently-uncovered scandal in 
union-owned businesses. I 

The overwhelming support I 
for Herr Brcit will come as a ! 
relief not only to the union 
leaders who decided two 
months ago to drop their 
first official candidate, Hen* * 
Alois Pfeiffer, but also to the 
delegates themselves. 

The fact that Herr Pfeiffer, , 
who has been fiercely ■ 
criticised for Investing in tax 
favoured housing, was re- 
elected to the DGB hoard with 
a much reduced majority, 
underlined the correctness of 
the decision to find a can- 
didate untouched by what has 
become known as the " Ncne 
Reimaf affair "■ — the name of 1 
the union-owned building 
company. 

Herr Breit's election, hy 
the heaviest majority ever for , 
a DGB etoreman in his first 
election, will encourage hopes 
that he can help heal the I 
divisions within the union 
movement which have been 
exacerbated by the financial ’ 
scandals in union-owned 
businesses It will give him an , 
authority within the ranks of , 
the union leadership which 
the head of the DGB has not 
normally enjoyed. The power- 
ful heads of the individual 
unions have generally tried to 
prevent the federation's chair- • 
man becoming too powerful a 
figure. 


Lisbon reassured 

Portugal has received guaran- 
tees from its Nato allies that 
they will study urgently its 
grievances over the level of 
military aid it is receiving, 
according to Sr Andre Con- 
calves Pereira, the Foreign 
Minister, Reuter reports from 
Lisbon. 


Begin beats 
confidence 


Ann Charters in Seoul and David Dodwell in London describe how a money market scandal has rocked South Korea 





a gentleman’s agreement 


By David Lennon in Td Aviv 


DESPITE losing its parliamen- 
tary majority the coalition 
government of ' Mr Menahem 
Begin survived a vote of no 
confidence in the Knesset 
yesterday aver its handling of 
the economy. - 

After a day of fierce debate 
and frantic horse-trading behind 
the scenes, the Government 
defeated the motion by -one vote 
5SW57, with three abstentions. 

The Government is unlikely 
to 'be able to function- very 1'ang 
in its weakened state, however, 
and it 4s expected that it will 
have to call hew elections 
fairly soon. The likeliest date 
would be November, when 
municipal elections are due to 
be held. 

The crisis was brought on by 
the decision of two members of 
Mr Begin 's ruling Ldkud bloc 
to cross the Soot an Tuesday to 
join the opposition Labour 
Party. This reduced the 
coalition representation in Par- 
liament to - 59 cut. of 120 seats. 


•While the Labomr. Party is 
now the largest in the Knesset. 
i( .was unable to persuade all of 
the smaller opposition parties to 
support its no confidence 
motion." Three MPs from the 
two: small independent parties 
which : held key : votes decided 
to abstain and this was 
sufficient for Mr Begin to 
survive. 


THE UNOFFICIAL money- 
lenders in Myongdong, in down- 
town Seoul, have for more than 
two decades been a thorn in the 
side of successive South Korean 
governments, but never before 
has such a potentially damaging 
scandal come from their midst. 

A fortnight ago two active 
operators on the unofficial 
“kerb” loan market in Myong- 
dong were arrested on charges 
connected with foreign ex- 
change irregularities and of 
misuse of loan guarantees worth 
hundreds of millions of dollars. 

The shockwaves of these 
arrests have panicked the stock 
market, brought at least two 
' major companies to their knees, 

! implicated two of the country’s 
five main banks, and even com- 
promised the family of the coun- 
try's President Chun Doo-hwan. 

The President has been swift 
to move against everyone in- 
volved in the scandal, and has 
given unequivocal backing for 
severe punishment of everyone 
implicated, but the affair is 
almost certain to have damaging 
implications for him and his ad- 
ministration. 

At the very least, the scan- 
dal has confirmed to Koreans 
critical of the President that 
the “mandate of heaven" does 


not smile on President Chun, 
who has been beset with set- 
backs, many not of his own 
making, since he came to power 
almost exactly two years ago. 
For the President, however, it 
underscores that high-level cor- 
ruption still exists in Korea, 
even though an anti-corruption 
campaign has been waged as his 
highest political priority since 
he came to power. 

The scandal erupted when 
Hr Lee Chol-hi, once a member 
of the national assembly and a 
former deputy head of Korea's 
CIA, and Mrs Chang Yong-Ja 
his wife of three-months' stand- 
ing (in Korea, wives maintain 
their own family names even 
after marriage), were arrested 
in connection with their activi- 
ties on the unofficial kerb loan 
market based in Myongdong. 

Korea's public prosecutor 
alleges that the couple took 
promissory notes worth at 
least $360m (£200m), which 
had been deposited with them 
as collateral against loans ex- 
tended to numerous Korean 
companies, and cashed them in 
the kerb market. This not only 
broke a gentlemen’s agreement 
that the notes should never be 
cashed if the loans were repaid, 
but took two companies to the 


brink of bankruptcy and hurt 
several others since the notes, 
usually worth several times the 
value of the loan, could not be 
honoured by them. 

It is anyone's guess how 
many notes were circulated 
before the scandal broke. The 
arrests followed complaints by 
at least six companies that, in 


pany is committed. The other 
companies named are Haetai 
Confectionary Co. Life Con- 


t At the very least, the 
scandal has confirmed 
to Koreans critical of 
President Chun that 
the mandate of heaven 
does not smile on him 9 


breaking the usual gentlemen's 
agreement, Mr Lee and his wife 
had in effect tried to defraud 
them. 

The Korean stock exchange 
has suspended share dealings 
in two of the companies, Kong 
Yung Construction, and Ilssin 
Steel. Following the resignation 
of top officials in both com- 
panies. Ilssin Steel has been put 
up for sale, while Kong Yung 
has been put under court con- 
trol until a number of contracts 
in the Middle East have been 
completed to which the com- 


st ruction Co, Taeyang Metal 
Industrial Co, and the Samik 
Corporation. 

As -the scandal has spread, so 
the presidents of two of the 
country’s main banks have 
resigned following charges im- 
plicating them in the scandal. 
Yesterday, the Superintendent 
of Banks resigned with his 
deputy, following a decision by 
the public prosecutor to investi- 
gate the adequacy of bis de- 
partment’s supervision of the 
banks involved. 

On Tuesday this week, the 
scandal crept closer to the Blue 
House, home of President Chun, 
with the arrest of General Lee 
Kyu-kwang, a former Provost 
Marshal in the Korean army, 
and an uncle of President 
Chun's wife. 

Gen Lee was arrested and 
charged with accepting bribes 
from Mrs Chang in exchange for 
promising to try to influence 
officials to help set up a bank in 
partnership with unnamed 
banks in the Middie East. This 
latest development is ominous 
because it transforms the 
scandal from one concerned 
with the murky operations of 


Korea’s unofficial money- 
markets to one • involving 
attempts To use power and 
influence around the President 
to gain business favours. 

Korea's Myondong kerb loan 
market has grown and thrived 
over two decades, in part be- 
cause of constant government 
attempts to control the supply 
of money by keeping a tight 
lid on official lending to indus- 
try, and in part because of 
government regulation of in- 
terest rates. 

Companies unable to borrow 
money from official sources 
have turned to the kerb mar- 
ket, despite the additional cost 
of borrowing there. The Gov- 
ernment. aware that its fast- 
growing industry was hungry 
for funds, but unwilling to 
relax lending limits from offi- 
cial sources, was thus forced to 
turn a blind eye to the kerb 
market, even though it was a 
magnet for *' black " money 
and a regular means of tax eva- 
sion. 

The kerb market was fuelled 
by small savers attracted by 
high interest rates: up to an 
annual rate of 36 per cent was 
offered by Myongdong money- 
lenders during parts of last 
year, though rates have since 


slipped to around 25 per cent, 
about twice the official rate. 
Few reliable figures are avail- 
able to ' measure" the market’s 
importance, but it is estimated 
to be worth over $5bn, and to. 
account for about 40 per cent 
of funds available for loan - 
The usual practice for com- 
panies borrowing from *' kerb 


6 The market is esti- 
mated to be worth over 
$5bn and to account 
for about 40 per cent of 
funds available for 
loan in Korea 9 


market moneylenders was for 
tbe company to deposit with 
the moneylender a promissory 
note for at least twice the value 
of the loan being raised: The 
note was normally held as 
surety against default by. the 
borrower, and a gentlemen's 
agreement existed that the note 
would never be cashed, but 
would be returned to the bor- 
rower <jn repayment of the 
loan; 

Mr ' Lee' and Mrs -Chang 
instead allegedly sold the notes 
on the kerb market at a dis- 


Ojiikwu pardon may affect 


Even if he can persuade one 
of these two small right-wing 
parties which' between them 
have five seats, to join his 

coalition, it is doubtful whether 
the demise of the Begin Govern- 
ment can be averted for long. 

The Government can expect 
to be challenged frequently in 
the Knesset and may find it al- 
most impossible to push its 

legislation through committees 
where its control will be 

weakened by the re-alignment 
of parliamentary forces. 

Even before the latest crisis, 
Mr Begin was considering 

early elections 


BY QUENTIN PEEL AFRICA EDITOR 


Bank severs 
Zaire links 


THE ARAB Bank of Economic 
Development in Africa yester- 
day suspended links with Zaire 
in response to President Mobutu 
Sese Seko's decision to resume 
diplomatic relations with Israel, 
Michael Holman writes. 

Zaire received SS6.Sm from 
the bank between 1975 and 19S1, 
making it the bank's fourth lar- 
gest aid recipient 


THE DECISION by President 
Shehu Shagari of Nigeria, to . 
grant a free' pardon to former 
Col. Odumegwu Ojukwu, leader 
of the breakaway state of Biafra 
during the 1967-70 Nigerian 
civil war, introduces a new 
element of uncertainty into the 
Nigerian political scene. 

The likelihood of Mr Ojukwu . 
returning to active politics 
under the country's civilian con- 
stitution could have a significant 
effect on the outcome of next 
year’s national elections. 

Speculation is rife in Lagos 
that he will throw his weight 
behind President Shagari's rul- 
ing National party of Nigeria 
(NPN), and thereby divide the 
important Ibo vote in the 
eastern states which once made 
up Biafra. 

By doing so. he would set 
hmself against Dr Nnamdi 
Azikiwe, the veteran Ibo leader, 
who has led his Nigeria People's 
Party (NPP) out of an alliance 
with the NPN and Into an oppo- ■ 
sition front with tbe Western- - 
based Unity Party of Nigeria 
fUPNT led' by Chief Obafemi 
Awolowo. 



since the lifting of restrictions 
on former Gen Jack Gowon, 
head of the federal Government 
during the civil war. and head 
of state until 1975. which was 
announced last October. How- 
ever, Mr Ojukwu remains a far 
more contentious figure. 


Saudis may call 
for new Gulf 
peace effort 


Japan to raise steel pipe output 


BY CHARLES SMITH, FAR EAST H3ITOR IN TOKYO 


By Roger Matthews 


Two major - uncertainties 
remain — what the reaction of 
the former Biafran leader will 
be to the pardon, and how much 
support he can still command 
amongst the Ibo people. 


Odumegwu Ojukwu: two 
major uncertainties 


Official reasoning behind the 
decision of the Council of State, 
President Shagari's top advisory 
body, to grant the pardon is 
that -it is “the final- seal put 
an the rehabilitation amTirecon- 
ciliation measures following the 
civil war,” 

The move had been expected 


He could yet reject the offer 
of a pardon, on the grounds 
that it would be tantamount to 
an admission of guilt. However, 
most political observers believe 
he is anxious to return as 
quickly as possible from exile 
in the Ivorv Coast, where he 
has built up successful business 
interests. 


President Shagari. who won 
the first civilian election under 
tbe new constitution in 1979 
with the widest measure of 
national support, is undoubtedly 
worried about the threat of .an 
alliance between the UFN and 
NPP, 


SAUDI ARABIA and Kuwait 
are considering calling for an 
emergency meeting of Arab 
League Foreign Ministers early 
next month to discuss ways of 
ending the war between Iraq 
and Iran. 

The latest Iranian advances 
in the 20-month-old war are 
causing increasing alarm among 
conservative Arab oil producers 
who fear they could become 
tbe next victims of a militarily 
successful Iran. 

No formal request for an 
emergency meeting has yet 
been made as it would be 
certain to highlight already 
serious Arab divisions over the 
conflict Syria and Libya are 
backing Iran in the war and 
together with Algeria and South 
Yemen would oppose any Arab 
League meeting designed to 
provide support for Iraq. 

An official from the Saudi 
Foreign Ministry said this week 
that there could be a case for 
invoking the Arab joint defence 
agreement if Iran chose to 
advance into Iraq. 


THREE out of Japan’s four top 
steel manufacturers seem cer- 
tain to press ahead with plans 
to increase their production 
capacity for seamless steel pipes. 
This is despite the fact that the 
bottom has fallen out of the 
world market after a boom 
which started at the end of 1980. 

The companies which will 
probably go ahead with plans to 
build new pipe-making capacity 
are Nippon Kokan, Nippon Steel 
and Kawasaki Steel. 

Sumitomo Metal Industries, 
j the largest Japanese manufac- 
| turer of seamless steel pipes and 
tbe one which stands to lose 
most from the steep fall in 
demand that set in about six 
weeks ago, appears undecided 
about its investment programme. 

It seems virtually certain that 
Japanese capacity for seamless 
pipe making will rise from the 
current level of about 4.4m tons 
— out of the world total of 8m 
tons— to 5.5m tons by the middle 
of next year, whatever action 
Sumitomo may take. 

The Japanese manufacturers 
will go ahead with their invest- 
ment plans officially in order to 


improve their product mix in 
the seamless pipe sector — which 
is thought to be necessary' to 
meet changing patterns of 
demand in the world oil 
industry. 

An additional, unacknow- 
ledged, reason for pressing for- 
ward could be to “ establish ” 
market shares in advance ' of 
what could be a seamless pipe 
trade war in 1984 or 1985. 

, The Japanese manufacturers 
expect to face a .serious, 
challenge to their position in the 
U.S. ' market from about 1984 
onwards, when two major plants 
planned by U.S. Steel and Armco 
should come into production. 

If the market has to be shared 
out .by mutual agreement or 
negotiation, a dominant 1983 
market share could be a useful 
basis for discussions. 

Demand for seamless steel 
pipes, which are used In oil 
exploration, - began to grow 
sharply from the end of 1980 
partly because of ' the • de- 
regulation of U.S. -oil prides, 
which In turn boosted explora- 
tion activity. 

:In 1981, Japanese . exporters 


raised their prices four times in 
the US. market and earned on 
average 35 per cent more a ton 
than a year earlier. Prices rose 
by another 8 per cent in the first' 
quarter of this year, but have 
now started failing sharply. 


A 25 per cent fall in prices 
during the 1982 fiscal year 
(starting last April) coupled 
with a 15 per cent fall in the 
volume off exports, is regarded 
as about the best possible out- 
come for the industry. 


If nothing worse happens, the 
collapse of the seamless pipe 
market could make a Y30bn' 
(£69m) bole in the profits of 
Sumitomo Metal Industries dur- 
ing the second half of. tbe fiscal 
year, and perhaps cost Nippon' 
Kokan — the second largest seam- 
less pipe mak&>—as much as 
Y20bn. 


All four manufacturers are 
trying to recoup their probable 
losses on seamless pipes by push- 
ing through a 5 per cent increase 
in the domestic prices for four 
main steel products, other than 
pipes. But it is hot yet certain 
if these efforts will be successful. 


THE FALKLANDS CRISIS 


Mark Newham examines prospects for the exploration of oil and mineral reserves in Antarctica 


S0DTH tfOCA 


Potential wealth of the continent yet to be charted 




ANALYSTS of the Falkland^ charted on a "'.scale. laTge. 
crisis have stressed that the enough to be useful for mapping 


taking of the Falklands by out geological and mineral re- 
Argeotina could be the first sources, and much of that has 


step towards the ultimate dora- been carried out by the BAS in 
ination of the Antarctic by the the Atnartic peninsula. So far. 


Argentine junta. They base BAS has found shows of a wide 
their assumptions on reports variety of metallic minerals 


that Argentina covets the including copper, zinc and tin, 
immense mineral wealth thought but cannot base any estimate nf 


to lie below the glacial ice of likely reserves on these investi- 


the southern continent. 


Have these analysts got their 


gations alone. 

The BAS research programme 


suras righmt? TTiat ^ toe Ef *» ■ inctode Jlans for 
question posed recently at a ^tailed seismrn and drilling 
special meeting of toe Royal wo ? ^qut data from 
Geographical Society (RGS) 

called to give the opinions of S^ralritSL^ theamtuieilts 
experts of the Antarctic . . . * , 

South Atlantic a long-overdue Swithmbank pointed ou 

airing. The experts' answer was as w ? u f s J h ® t«hm«l 
loud and clear There may be gj* 1 ™ JJ^SSiTw" £$££ 
large mineral reserves in and 
around Antartica but can they 

be commerriajly developed? ewner^S « “ X 

Dr Charles Swithinbank. head of test bores. Who do operators 
of the British Antartic Survey's go to for a licence to drill? 
(BAS) Earth Sciences Division, Will the data they obtain remain 
presented a clear picture of toe their property? What is to pre- 
situation. Only 20 per cent- of vent a commercial or political 
the continent has so far been competitor setting up his drill 


_rig next to theirs? 

Without the assurance of legal 
ownership over their work, no 
investor in his right mind is 
going to put money into 
detailed exploration of tbe 
Antartic. he said. And, with- 
out such detailed geological 
investigations, toe Antarctic 
continent will remain the 
. largely .unmapped glacial desert 
it is today. 

BAS is doing its best with 
the limited financial support it 
receives from the British Gov- 
ernment to remedy toe situa- 
tion but. after 30 years’ work 
in the region. Dr Swithinbank 
said: “There are better maps 
of toe dark side of toe moon 
than there are of the Antarc- 
tic.” 

The one area for which 
moderately well-defined maps 
do exist is the Antarctic penin- 
sula — toe area claimed by the 
UK, Argentina and Chile. Dr 
Swithinbank is in no doubt 
about the area's rightful owner. 
“The BAS has carried out 95 
per cent of- toe geological in- 
vestigations on toe peninsula,” 


he said. “ besides which Eritain 
registered its claim in 1903 — 
35- years before Argentina's 
claim and 32 years before 
Chile.” 

In an effort to allay the 
squabbles over toe disputed 
regions, the Antarctic Treaty 
was drawn up in 1959 to keep 
all territorial claims in abey- 
ance “ in The interests of inter- 
national co-operation for scien- 
tific purposes.” The Treaty has 
so far been largely respected 
but, while scientists from the 
UK, the U.S.. the Soviet Union. 
Argentina, Chile and Poland 
pursue their research work in 
international harmony, the poli- 
ticians are equally busy con- 
cocting wide-ranging documents 
to back up their claims to the 
disputed areas. 

Some, like toe British, Argen- 
tines and Chileans, claim only a 
slice of the continent. In the 
case of the South American 
claimants their slices overlap 
with part of the territory gener- 
ally regarded as being within ' 
Britani's sector. The practical 
implications of this rivalry have 


been kept to a minimum so far. 
with all countries established on 
the Antarctic having free reing 
over other national ” territory.” 


Like many other claimants 
Argentina bases its arguments 
in defence of its rights on lines 
drawn to the South Pole from 
the extreme eastern and western 
points of its territory, including 
offshore islands. Here lies toe 
importance of Argentina's 
attempts to wrest from Britain 
the Falklands' dependencies of 
South Sandwich and toe South 
Georgias, which were joined 
administratively to the Falkland 
Islands only in recent times. 

Unless toe Antarctic Treaty 
is nullified by the battle for the 
Falklands. none of the signa- 
tories will be able to argue the 
terms of the Treaty until 1996 
— the date set for toe next 
round of negotiations over 
ownership of the disputed 
regions, when signatories of 
Treaty can withdraw their Sup- 
port- 

Arguments over territorial 
sovreignty may result in coun- 


tries like Argentina pulling out 
of the Treaty, but there will be 
little to fight over on the 
Antarctic ice are developed, on 
a commercial scale, partly 
because tbe offshore oil re- 
sources will take aprecedence 
over onshore mineral deposits. 
But even these offshore oil re- 
serves, which could be from 
15 to 50bn barrels according 
to the assessments by the U.S. 
Geological Survey and Gulf Oil, 
will take many more years to 
develop, 


^ wm-' 

AraamHA 0 


J j Bli-rCiiSl 


First will come toe harvest- 
ing of the region's only proven 
resource: immense quantities 
of krill (a crustacean similar 
to a shrimp) found in toe sea 
around South Georgia and south 
to the Antarctic peninsula. 




JtSTWUU 


Present-day reserves of krill 
in the region, according to Dr 
Inigo Everson of the BAS 
Marine Biology Division, far ex- 
ceed the existing world catch of 
fish. It is a resource which could 
easily rival oil and minerals in 
importance, but it is as yet 
under-used by man. 


f mi mum 


Whales, seats and sea birds 
take well over 100m tonnes of 
krill each year while man uses 
only 200,000 tonnes. Conserved 
properly. Dr Everson believes 


that in the near future krill 
could become an important 
part of the human diet hut at 
present, most of the krill caught: 
today is used as fishmeal. - - 


Argentina 6 ready to weather sanctions 9 


Both sides wary of the other’s submarines 


BY JIMMY BURNS IN BUENOS AIRES 


BY BRIDGET BLOOM, DEFENCE CORRESPONDENT 


ARGENTINA’S ECONOMY 
Minister. Sr Roberto Alemann. 
yesterday lambasted the Euro- 
pean Community and said that 
his country's economy would be 
able to sustain sanctions as 
“ long as necessary.” He also 
denied that he was under pres- 
sure to resign, 

Sr Alemann was speaking on 
television on his return from an 
extensive tour of the U.S, and 
Europe where the Minister 
claimed to have had “ consider- 
able success " in reassuring 
'Western bankers about 
Argentina’s economic situation. 

Sr Alemann, in his strongest 
attack to date on the EEC's 
sanctions^ said- that the 1 " Com- 
munity hatf been involved in -a 
" political trade-off,” with 
France agreeing to support 
Britain over the Falklands in 
return for expected concessions 
on toe EEC budget. 

“ The Community ‘.is mistaken 
if it thinks it can persuade the 
President or the military junta 
... we are prepared to hold 
out os many months as neces- 
sary until our sovereignty is 
recognised." Sr Alemann said. 

He gave a warning that if toe 
EEC “extended ite blockade 
beyond the jseven-clay extension 
agreed in * Luxembourg ‘ this 
week, local subsidiaries of 
European companies “ would 

i 


The British Government is to 
broadcast its own radio pro- 
grammes' to Argentine troops 
on the Falkland Islands, the 
Ministry of Defence an- 
nounced yesterday. The 
Government station, to be 
called Radio Atlantico del 


Sur, will transmit pro- 
grammes in Spanish includ- 
ing popular music and news 
items- Programmes will be 
produced by the Ministry and 
will be broadcast from a re- 
quisitioned BBC transmitter 
on Ascension Island. 


suffer." Although he did not 
elaborate, the implication was 
that Argentina might consider 
a total damp-down on existing 
contracts with some European 
companies which in spite of the 
crisis have been respected so 
far. 

Argentina would also dose 
any Topholes affecting imports 
from European countries. 

Brushing aside suggestions 
that Argentina might be head- 
ing for an economic crisis as a 
result of the war, Sr Alemann 
expressed- optimism in his 
country's external and domestic 
financial position. 

He was speaking following 
the release of official figures 
showing a first quarter trade 
surplus of Sl.lbn compared 
with a deficit of $750xn during 
the first- quarter of last year. 

In Buenos Aires, bankers 
rported ftatf the financial mar- 
kets had reacted " psycholo- 
gically” to toe recent reduction 


In the minimum reserve 
requirement and that interest 
rates were coming down sub- 
stantially for the first time in 
several weeks. 

Sr Alemann claimed that 
during his meeting with leading 
Western bankers in Zurich and 
New York be had found no one 
willing .to express a. “tough, 
position” towards Argentina. 
“On the contrary, they were all 
very understanding when I told 
them about the British aggres- 
sion,” he said. 

Foreign bankers in Buenos 
Aires have confirmed Sr 
Alemann's claim toat Argentina 
for toe moment, Is in no danger 
of defaulting on its. debts. 
Argentina was continuing to pay 
interest payments due and Euro- 
pean and U.S. bankers were 
agreeing to “roll over* short - 
term credit 

. But in his interview yesterday 
Sr Alemann did not rule out 
the possibility toat Argentina 


might have difficulty in meeting 
its future borrowing require- 
ments if the conflict with Britain 
was prolonged. 

Sr Alemann confirmed that 
negotiations on medium and 
long-term credit had been 
suspended until further notice 
•‘because of the crisis” and the 
negative impact this might have 
on spreads. 

It was reported yesterday that 
a top-level trade mission led by 
the Under-Secretary for Agri- 
culture, Sr David Lacrbze, 
would visit Moscow before the 
end of the month. The mission 
is expected to press the Soviet 
•Union— Argentina’s major trad- 
ing partner— to resume its 
cereal contracts with Buenos 
Aires which have been post- 
poned since April 2. 

Argentina is hoping to export 
an estimated 15m tonnes of 
cereals to the Soviet Union in 
1982 but so far just over fim 
tonnes have been committed. 


BRITAIN'S task force has now 
admitted to losing five helicop- 
ters — three of them Sea Kings, 
worth roughly £2.5m each and 
designed primarily for anti- 
submarine warfare. The Sea 
Kings have been lost, not as a 
dcsuli of Argentine fire but 
apparently because of dangers 
inherent in searching for sub- 
marines in the rough weather 
bein ^experienced around the 
Falkland Islands.. .. 


The Russians are reported to 
be holding off because of toe 
possible danger to shipping of 
the British naval blockade and 
the hope that Argentina might 
reduce its prices. Moscow is 
also due to resume negotiations 
with the U.S. on cereal trade 
soon. 


The loss of the Sea Kings- 
illustrates the importance and 
the dangers of anti-submarine 
operations. The two navies 
may have no more than six 
submarines of any description 
in the South Atlantic but the 
damage ihey can cause is out 
of .ill proportion to the num- 
bers involved — as the sinking 
nf the General Belgrano by a 
British submarine sbowed- 

About 390 men lost their 
lives and 700 were saved as 
th? Belgrano went down. It 
need? very little imagination to 
realise the likely impact in 
Britain were Invincible or 
Hermes, toe .two aircraft car- 
riers with the task force, to fall 
victim to an Argentine torpedo. 
The commanders of both navies 
are reported to be seriously 
concerned about toe submarine 
threat 


Britain has never said how 
many of what sort of submarines 
it has in the South Atlantic. 
The general assumption, fed by 
judicious leaks from the Min- 
istry of Defence, is that there 
are up to four of thenavy’s 12 
nuclear-powered vessels there. 

These are probably of the 
Swiftsure class — big boats, 
nearly 100 yards long and dis- 
placing more than 4.000 tons 
when they dive. They are 
armed with the primarily anti- 
submarine torpedo Tigerfish, as 
well as with the older Mark 8 
anti-surface-ship torpedo. 

Argentina, which has at least 
six new German submarines on 
order, currently has only three 
boats, all diesel-powered. Two 
are mid-1970s German T209. 
called the Salta and San Luis 
and displacing 1,200 tons dived, 
and the much older U-S.-built 
Guppy class Santiago del Estero, 
the 2,420-ton sistership of the 
Santa Fc beached during the 
British recapture of South 
Georgia. The SST 4 torpedoes 
on the Salta have a similar 
speed and range to the Tiger- 
fish-— about 35 knots for eight 
miles, but the Salta’s weapon 
which can also attack surface 
ships has a- computer, and 
heavier warhead. possibly 
making it more accurate. 

In theory, Britain's task force 


ought to be better at detecting 
toe three Argentine submarines, 
if only because a key role of the 
British Navy In toe North 
Atlantic is anti-submarine war- 
fare. But in the South Atlantic, 
the anti-submarine operation is 
hampered by several key factors. 

The first stems from the 
nature of the sea and toe con- 
tinental shelf which stretches 
from the Argentine coast to 
embrace the Falklands. This 
shelf, at between 390 ft and 
525 ft, is much shallower than' 
the North Atlantic for which the 
huge nuclear-powered hunter- 
killer submarines . were 
designed. Combined with often 
extreme underwater turbulence,, 
the advantage in detection is 
probably with the smaller and 
quieter (though less fast) . 
Argentine submarines. The 
conditions are such toat tbe 
British hunter-killers' passive . 
sonars may often be ineffective 
— but if active sonars are used, 
toe British submarines are In. 
danger of giving away their 
position. 

Another key means of sub-' 
marine detection, is airborne— 
the Sea Kings, and the Nimrod, 
reconnaissance aircraft. Both, 
In the conditions of the South 
Atlantic, may also have draw- 
backs. The Sea King relies on- 
dipping its sonar into the sea, 


on a line which has a maximum 
depath of raound 250 ft anr can 
" see ” for three or four miles. 
For maximum effectiveness the 
Sea King must hover no more 
than 50. ft above the sea, which 
can be dangerous in high seas. .. 

In the North ■ Atlantic,.. 
-Nimrods depend on -preposi- , 
tioned sonar buoys for their -, 
information.' ■ It is not clear that > 
a sufficient network of guchj- 
biioys has been dropped in the.; 
South Atlantic to allow efficient 
edtection. 

The surface ships have their - 
own sonars capable of detecting 
submarines, but they rely pri-. . 
xnarily on the detection net..- 
which is thrown at. its widest by 
the Nimrods and Sea Kings. 

. . Ministry of Defence officials , 
believe that Argentina's fears 
of Britain’s submarines are such ; 
that most of its fleet has been , 
kept well within coastal. waters. 
But. diplomats in Buenos Aires 
believe that while at least one v 
of the Salta class Is intent on., 
seeking out the British carriers, 
toe Guppy may .well be trying. . 
to track the QE*2 . with 3,000 - 
British troops on board. 

The. sea; as one naval cap- : 
tain put it. Is ‘a very big place. . 
and even In this era. of high •- 
technology warfare, ■ chance . 
plays a very important role# 


i p** 


count. To ensure toe notes were 
negotiable, the couple allegedly 
had .them written on forms that 
.could only be obtained from 
banks. The notes were traded 
on the kerb market without toe 
knowledge of toe original 
issuers until toe notes fell due; 
people then owning toe notes 
presented them for payment to, 
toe original issuers who could- 
not honour them. - 

The scandal might have been’ 
handled more quietly had it not’ 
been for further irregularities: ’ 
Kong Yung Construction, for 
example, had raised loans worth! 
about- 523m, but instead of issu-v 
ing promissory notes for about 
twice that sum, as would have: 
been normal, they issued notes. 

totalling over S200m. 

Eighteen people have so far; 
been arrested in connection with. . 
tbe scandal. 

President Chun is no doubt.; 
split between a desire to limit 
the political and economic dam- 
age done by the scandal and 
the need to be seen to act firmly 
in rooting out corruption. 

With the resignation yestms, 
day. of toe Superintendent of; 
Banks, and mounting pressure 
for resignations in his cabinet, 
the President must now be keen- 
to wrap the scandal up quickly... 


. ^ v 






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is.";'; 


..V’W;- 




.. I V .fiv. ‘t. 






Financial Times Thursday May 20 1982 


AMERICAN NEWS 


5 


Meese confident 
of interest rate 
fall after budget 

BY ANATOLE KALETSKY IN WASHINGTON 


THE REAGAN Administration 
may reconsider its economic 
policies if interest rates do not 
fall sharply after Congress 
passes a budget for fiscal year 
1983, beginning in October. 

Mr Edwin Meese. President 
Reagan’s chief domestic policy 
adviser, suggested this on Tues- 
day night to a group of 
reporters, while insisting that 
agreement on a budget would, 
in fact,- reassure the financial 
markets and trigger a drop in 
interest rates to an •‘appro- 
priate” level of about 8 to 10 
per cent 

However, he said the Presi- 
dent “ will look to other 
measures” to reduce interest 
rates if “ there is not some 
reasonable response” from lhe 
markets to a budget agreement, 
lie refused to be specific about 
such measures, saying only 
that “we will be looking at 
everything possible at that 
point." 

Mr Meese’s comments were 
interpreted as a hint that the 
Administration might recon- 
sider its support for the 
Federal Reserve's monetary 
policies if interest rates do not 
respond to a budget agreement. 

An official spokesman for the 
White House, Mr Larry 
Speakes, rejected any such 
such interpretation. 

“I would knock down hard 
rite idea raised in news stories 
that we were making any hint 
3i changing monetary policies” 
:-Ir Speakes said. 

“At no time did Ed say the 
President was contemplating a 
change in economic policy. We 
fully anticipate that once the 
budget is passed interest rates 
will come down. Ed was stating 
what was obvious. Zf they do 
not come down we would look 
at other steps on the economic 
front" 

Mr Speakes emphasised that 
consistency had been a “ hall- 
mark'* of the Administration’s 
economic policy, but admitted 
that there were “many alteraa- 



Edwin Meese 


fives " which could be tried if 
interest rates did not came down 
after a budget agreement. 

Mr Meese had said that he 
expected inflation to level off 
at about 3 pier cent to 5 per 
cent Appropriate interest rates 
for this level of inflation would 
be between 8 and 30 per cent. 

Max Wilkinson, Economics 
Correspondent, adds: Mr 

Donald Wooley, chief economist 
of the Bankers Trust of New 
York, said yesterday that U.S. 
interest rates were unlikely to 
fa I substantially before the end 
of this year and, as a result, 
economic recovery was expected 
to be “ fragile." 

Mr Woo ley said in London 
that although the U.S. inflation 
rate was falling, he was sceptical 
about the extent to which the 
Administration would be able to 
get its budget deficit under 
control. 

The U.S. budget problem 
could not be resolved without 
special action to reduce spend- 
ing, and probably to raise 
revenues at well. 


Opec sure it can hold oil 
price at $34 a barrel 

BY RfCHARD JOIW5 IN QUITO 


THE Organisation of Petroleum 
Exporting Countries meets in 
Quito, Ecuador, today with 
members generally confident 
that the price structure and 
reference of $34 a barrel estab- 
lished late last year can be 
maintained more or less intact 
over the critical four months 
ahead. 

Rising spot prices and a 
recovery of Nigerian production 
have strengthened the belief 
that collective output, which 
was reckoned to have slumped 
to below 16m barrels a day last 
month, will reach 19.5tn-22m b/d 
in the last quarter. 

The current level is believed 
to be slightly in excess of 17m 
■b/d because of an increase in 
Nigerian and Iranian shipments. 

Equally crucially. Nigeria has 
evidently been additionally for- 
tified and dissuaded from suc- 
cumbing to market pressures by 
a firm offer by Saudi Arabia of 
financial aid. 

Even so, heat is bound to be 
generated in the rarefied 
Andean atmosphere by allega- 
tions. supported by a number 
of independent analysts, that 
Iran is producing substantially 
in excess of the 1.2m b/d 
allocated lo it at the extra- 
ordinary conference held in 
Vienna two months ago. 

Iranian output could be as 
much as 1.8m b/d, including 
1.5m b/d exports. It is also 
known to be selling at below 
its official rate of $30.20, 
already $4.00 out of line with 
the system adhered to by other 
members. But its deals, not 
least its barter agreements, are 
obscure, 

On his departure from 
Baghdad to Quito late^ last 
week, Mr Tayeh Abdul-Karim, 
the Iraqi minister of oil, 
accused Iran of violating Opec 
agreements. 


Mr Mohammed Garazi, his 
Iranian counterpart, made it 
abundantly dear two months 
ago in Vienna that Tehran did 
not subscribe to Opec's first- 
ever production programme, 
which set the celling of 17.5m 
b/d on aJI members’ output. 

At its meeting in Caracas on 
Tuesday, the four-man minis- 
terial committee set up to 
monitor the market decided to 
recommend its continuation. 

Mr Abdul Karim’s animosity 
may be intensified by Iraq’s 
recent reverses in the war with 
Iran and the apparent failure 
of its air raids earlier in May 
to disrupt export from Kharg 
Island. He can expect to re- 
ceive a measure of support 
from the conservative Arab oil 
producers of the Gulf. 

By contrast, Libya can be 
relied on to join with Iran in 
asserting vociferously that 
Saudi Arabia's share of the 
market — the kingdom's output 
is reckoned to be less than 
6.5m b/d at the moment, com- 
pared with a ceiling of 7m b/d 
— is still too large. 

In practice, a majority of 
members believe that the 
structure can be preserved in 
its essentials until the antici- : 
pated build-up of demand to- 1 
wards the end of the summer, | 
despite Iran’s refusal to con- 
form. , , 

Ecuador’s recent admission 
that it had sold 1.82m barrels 
on the spot market, at an aver- 
age of neariy $2m below its 
official selling rate, is not con- 
sidered of serious con- 
sequence. 

The problem has apparently- 
been solved by Venezuela’s 
agreement to refine the excess 
output of its fellow Latin 
American member, though it is 
unclear whether the deal will 
still involve an effective dis- 
count. 


Senate vetos FTC rule 


BY OUR WASHINGTON CORRSPONDENT 


THE Federal Trade Commission, 
the U.S. Government's principal 
consumer protection egency. has 
been dealt a major blow by the 
Senate, which has voted for the 
first ever congressional veto on 
an FTC regulation. 

The regulation, which would 
require used car dealers to dis- 
close known defects in their 
cars on window stackers, had 
taken the FTC nearly 10 years 
to prepare. 

The veto, which may be con- 
firmed by the. House of 
Representatives this week, is the 
first congressional action under 
a ' 1980 law which greatly 
increased legislative control 
over the FTC. 

The commission has Been 
under attack in recent years 
from conservative politicians, 
who regard many of its actions 
a.? Government interference in 
private sector activities. 

Last wek the Senate commerce 
committee voted to recommend 
curbs on the FTC’s po wer to - 
regulate “unfair” advertising. 


The committee also recom- 
mended moves to prevent the 
agency from taking anti-trust 
action against professional 
groups, such as medical and 
legal associations, which 
allegedly fix prices, limit com- 
petition between their members 
and restrict advertising. 

The commission’s staff bad 
intended to focus more of its 
anti-trust activities on such pro- 
fessional group’s rather than the 
large corporations and mergers, 
with which it had been tradi- 
tionally preoccupied. 

Congressional opposition to 
the FTC has been backed by 
extensive lobbying by special 
interest groups. The used car 
industry contributed fore than 
$800,000 11444.000) to congress- 
men’s campaign funds in 1980 
and 1981. 

Senator John Danforth, said 
in Tuesday’s debate on the used 
car veto that it would be ** an 
invitation to inteerst groups to 
apply the maximum amount of 
pressure on Congress.” 


Brazil trade 

surplus 

declines 

By Our Sao Paulo Correspondent 
BRAZIL last month recorded 
the smallest visible trade sur- 
plus of the year— $22m (£ 12 . 2 m) 
— gained from exports of 
$1.571bn and imports of 
S1.549bn, according to Sr Ernane 
Galveas. Finance Minister. 

The surplus accumulated only 
because a sharp drop in imports 
compensated for weakness in 
exports. From January to April, 
Brazilian imports fell 15.8 per 
cent lo below 198] levels, while 
i exports were 7.6 per cent below 
the same period of last year. 

The trade balance for the 
first four months of 1982 shows 
a surplus of $176m, 

Sr Galveas maintains that 
Brazil wil achieve its year-end 
export target of $25bo and 
finish the year with a trade 
surplus of $3bn. 

Private economists pitch their 
estimates lower, at about $2bn. 
They point to the continuing 
weakness in commodity prices 
and the problems faring the 
major importing countries of 
.Brazil's industrial goads, includ- 
ing Nigeria. 

Foreign reserve figures turned 
upwards in April after three 
consecutive months of decline, 
said the Central Bank. Brazil's 
reserves rose to $7.024bn, an 
increase of $10.6m over March, 
but $481 ,9m lower than last 
December 31. 

Despite lie drop of $481. 9m 
in the first four month# of this 
year, the Central Bank expects 
that reserves will increase to 
$8.5bn by t\e end of 1982. 


Carter’s ‘last will’ angers Democrats 

BY REGINALD DALE, Ui EDITOR IN WASHINGTON 


PRESIDENT Jimmy Carter’s 
final act in office was to draw 
up a “last will and testa- 
ment ” bequeathing the 
country’s economic problems 
lo the Incoming President, 
Ronald Reagan. 

That, at least, is the cari- 
cature version portrayed in a 
30-second television advertise- 
ment unveiled by the Repub- 
licans this week, as the first 
blow in a SlOm (£5.5m) or 
more television campaign in 
advance of November's mid- 
term Congressional elections. 

The Democrats are, pre- 
dictably, furious — all the 
more so because look-alike 
actors are used lo depict Mr 
Carter and Mr Tip O’Neill, 
the Democratic Speaker of 
the House of Representa- 
tives listening with relish 
as the “ will ” is read out by 
an anonymous lawyer as 


the actor playing Mr O’Neill 
chortles loudly, the lawyer 
ing. Gas prices sky-high. 
Government spending money 
tike it was going out of style. 
To the Republicans in Con- 
gress, we leave the real 
problems.” 

Mr Tony Coelfao, chairman 
of the Democratic Congres- 
sional Campaign Commi ttee, 
immediately denounced the 
advertisement, saying the 
economy had been growing 
when Mr Carter left office. 

He qliotcd authoritative in- 
dependent economists as say- 
ing that the recession began 
last July — six months after 
Mr Reagan look over. 

Mr Coelho Immediately 
sent telegrams to television 
companies warning them that 
the less well-heeled Demo- 
crats might demand free 
time to answer, especially if 


the advertisements were 
shown with “fall knowledge 
of flagrant Inaccuracies.” 

The claim that Mr Reagan 
was left a recession was 
“ false, misleading, and 
totally inaccurate ” he de- 
clared. The truth was that 
the recession had been 
brought about by Mr Reagan’s 
“unfair economic policies.” 

Mr Guy Van Der Jagt, 
chairman of the National Re- 
publican Congressional Com- 
mit tee, said he had relied on 
the support of an opinion 
poll taken by his committee. 

He said it showed that 33 
per cent of Americans 
blamed the Democrats for the 
recession. 17 per cent blamed 
the Republicans, 36 per cent 
blamed both parties, and 14 
per cent had no answer, or 
said that neither party was to 
blame. 


One of the three major TV 
networks— CBS — has re- 

fused to run the advertise- 
ment on the grounds that it 
Is too early in the Congres- 
sional campaign. 

The two others, ABC and 
NBC. are still demanding 
verification of some of the 
statements made— for ex- 
ample, that “ under the 
Democrats, soaring prices 
made It hard to live like yon 
used to.” 

A second advertisement 
shows two couples setting off 
on holiday in a dust-covered 
tamping trailer which, it 
seems, they have not been 
able to use for two years 
because of high prices. 

* President Reagan and 
Republicans in Congress 
created programmes that 
brought inflation down — 
from more than 12 per cent 


to less than four,” says a 
disembodied voice. The 
theme of both advertisements 
is that the Republicans “are 
beginning to make things 
better.” 

Mr O’Neill — the real one 
— objects to the advertise- 
ment as “degrading the 
office of the Presidency-” 

The Republicans, however, 
had made one concession : 
The fake President Carter 
does not speak — for the very 
reason that that might have 
offended some Americans 
because of their “underlying 
respect” for all tenants of 
the White House. 

Footnote : The Reagan 

Administration is trying to 
reduce the power of the 
Federal Trade Commission to 
act against misleading adver- 
tisements. 


U.S. and Australia draw up draft anti-trust 


BY PAUL CHEESERIGHT 

THE U.S. and Australia have 
drawn up a draft agreement 
providing for consultations 
over the a plication of U.S. anti- 
trust lows, in an attempt lo 
avoid frictions caused by the 
clash of their different legal 
systems. 

Problems have arisen, 
especially over the uranium 
market and shipping conference 
rates, because of the U.S. 
claim that its anti-trust law is 
applicable to any action which 


has an effect on U.S. commerce. 

This has placed Australian 
companies in the position of 
obeying their own domestic 
laws while being in breach of 
those of the U.S. The issue 
caused such aggravation that it 
was discussed by President 
Reagan and Mr Malcolm 
Fraser, the Australian Prime 
Minister, in Washington last 
year. 

The draft agreement, 
announced by Senator Peter 


Durack, Australian Attorney- 
General yesterday, recognises 
that circumstances exist when 
U.S. anti-trust enforcement 
might be in conflict with 
Australian policy. 

It agrees that prior consulta- 
tions should be held when it 
appears that U.S. action might 
affect Australian interests, or 
rice versa. 

U.S. officials said the agree- 
ment was significant because it 


took anti-trust mutters out of 
the realm of political conflict 
The agreement was first mooted 
in 1980, but discussions have 
only recently been resumed. 

The Australian Government 
was particularlv disturbed in 
charges by Westingbouse Elec* 
the mid- and late 1970s by 
trie that companies such as 
CRA. Pancontinental Mining 
and Mary Kathleen Uranium 
had been involved in an inter- 


pact 

national uranium, cartel. 

Since then, Australia has 
joined the UK and other Com- 
monwealth and European coun- 
tries m passing laws to block 
U.S. anti-trust enforcement 

Over the past two years, how- 
ever, as the Westmghouse case 
has been settled out of court 
tbe political temperature has 
dropped considerably. The 
U.S.-Australia draft is the first 
tangible sign of this. 



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Grenada Government would pay economic development, in parti- 


credit for the remaining 85 per' Jr ort agnnes wxu_ tor tne nrst 
cent from the company, hag been time offer a l an d in g facility to 
signed by Mr Bernard -Coard, wide-bodied jets. . 
the Grenadan Finance Minister, The - development is on a 
and Plessey Airport’s general virgin site. where initial civil 
manager, Mr Derrick Cottier. engineering works including the 
• The airport is bemg . built at - construction of LAjatuseway are 
a cost of $75m with Caban tech- already In progress. ■- '.££<• 


it out of course) 


5-Door GLs, 


U.S. sends 
coal 

mission to 
Europe 

By Leslie Colitt in Berlin 

A ILS. cos&selHng mission 
to Western Europe is seen . by 
both Polish and U.S. officials 
as an attempt to capture 
markets from Poland, which 
suffered a sharp fall In coal 
exports last year. 

The week-long mission, 
which today holds meetings 
in Spain with coal importers 
will go on to Italy, France and 
Belgium. 

Before the departure of the 
group, Mr Malcolm Baldrige, 
U.S. Commerce Secretary, 
said the U.S. bad the most 
stable labour climate among 
coal - producing countries, 
while the situation in Poland 
was causing “ unease in 
European markets about the 
reliability of Polish coal.” 

The U.S. exported 110m 
tonnes of coal last year, three 
times the amount shipped in 
1978. This year U.S. coal 
exports are expected to slump 
to 105m tonnes because of the 
economic recession. 

While Western European 
buyers worry about the 
reliability of Polish coal 
exports, they have also shown 
concern about the UjS. 
ability to deliver because of 
the decaying rail system and 
insufficient port capacity. Far 
this reason, the U.S. mission 
Includes representatives of 
railways, ports and federal 
agencies involved in coal 
production, transport and 
exports. 

The mission, headed by Mr 
William Morris, an assistant 
secretary for trade develop- 
ment, will try to find Euro- 
pean buyers interested in 
long-term purchases of U.S. 
coaL 

The Commerce Department 
said it is also demonstrating 
the Administration’s deter- 
mination to establish itself as 
“ Europe's most reliable and 
secure coal supplier.” 

Polish commercial officials 
in the West said it was clear 
that the U.S. was chasing 
Poland's slice of the West 
European coal market 

The U.S. exported 34.5m 
tonnes of coal to Western 
Europe last year, while 
Poland fell far short of 
meeting its contracts because 
Of labour protests. Polish coal 
deliveries fell to Sm tonnes 
compared with 41m tonnes 
exported In 1979. 


BY CHARLES SMITH, FAR EAST HMTOR IN TOKYO 


• PHERE TS a chance that term 
rroducts will he covered by the 
text Japanese trade liberalisa- 
aon package, a Japanese 
xade liberalisation package, a 
Japanese Foreign Ministry 
ifficial said yesterday. 

His remarks followed a brief 
aeriod of confusion within 
Japanese Government dc-part- 
nents over the contentious 
ssue of farm products imports. 
ITie confusion developed from 
:etters handed to various 
Japanese ministries in Paris 
•ast week by Mr William Brack, 
she U.S. Special Trade Repre- 
sentative. 

In his letter, Mr Brock 
apparently demanded complete 
liberalisation of Japan's 
approach to imports in the 
highly protected domestic agri- 
cultural sector. 

The issue is a source of ris- 
ing agitation in Japan, and 
yesterday representatives of 
Japan's 6m farmers expressed 
opposition to calls for full 
import liberalisation or expan- 
sion of import quotas for farm 
products, such as beef and 
oranges. 

Earlier this week, Mr. Yoshio 
Sakurauchi, the Foreign 
Minister, wrote Mr Brock 
advising him it would be 
difficult to include the lifting 
of agricultural quotas in the 
liberalisation package expected 
in preparation for next month's 
world economic summit in 
Versailles starting June 4. 

Japan bad expected to bold 


talks on the farm products 
Issues this week with the U.S. 
issue this week with the U.S., 
but these were postponed 
because of the confusion 
prompted by the Brock leter. 
The talks are now expected to 
be held next week. 

Erij Khlncl aria adds from 
Geneva: Japan plans to an- 
nounce its package of trade 
liberalisation"' measures before 
the Versailles summit in a 
move to disarm European and 
U.S. critics of its aggressive 
trading methods. 

The measures will also reply 
to the EEC's complaint to the 
Geneva-based General Agree- 
ment on Tariffs and Trade 
(Gattl over Japanese reluct- 
ance to buy more European- 
made goods. 

The package's main, focus 
would be on reducing non- 
tariff barriers to trade with 
the Community, and the 
removal of such irritants as 
complex quality controls and 
technical standards as well as 
lengthy administrative pro- 
cedures. 

The measures would follow a 
package announced last 
January cutting tariff levels on 
about 68 products imported 
from the Community. One 
result of that package was to 
reduce tariffs on Scotch whisky 
and car imports. 

Japan disclosed its intention 
to announce the package at 
talks with the Community in. 
Geneva on Tuesday and yester- 
day. 


Swiss e 
books ‘ 


BY JOHN WICKS IN ZURICH 

ORDER BOOKS in the Swiss 
engineering industry are the 
thinnest on record, according 
to the country's Association of 
Machinery Manufacturers. 

At the end of the first 
quarter, orders mi hand were 
equal to an average of only 
6.7 months’ production. This 
compares with the equivalent 
of 7.4 months a year earlier, 
and as much as 10.3 months at 
the start of the boom years of 
1974. 

A total of 200 member com- 


panies in the metals and 
machine - building industry 
reported an overall order-book 
volume of SwFr 14.7bn 
I £4.1 bn). This was only 3.8 
per cent higher than in the 
first quarter of 1981, a growth 
well behind that of inflation. 

Although new orders were 
up over the year by SwFr 871m 
or 22.1 per cent, this was due 
largely to a single Middle-East 
order worth over SwFr 650m 
and to the effect -of inflation. 


There’s no choice aboutthethermostalically | 




Ever since we invented wash/wipe \ 
headlights we’ve been forcing them 
on the motoring world. 


You can’tchooseto buy 
X aSaab 900 GLs without 
^power-steering. 


Another non-option: \ 
daytime running lights are 
compulsory on the GLs. 


Chunky seif-repairing bumpers are optional - 
if you don’t wantthem don't buy a GLs. 


More choices* the 900 GLs 3-door costs £7325: choosing anotedoorand a boot win cost you£7425; plump for the 5-ddorarri the price-lag will read £7845. The 
More cnoicesjine sou ls ^ Li CB nw,'DeliveiVCharg^and numberplates are a<tra.Saab (Gt Britain) limited, Saab House, Fieldhouse Lane, Marlow ti- 


es T&l: (0604) 4364a ExpottsTel:0M09 0990. 


Of course we don’t deny you all freedom of choice load-carrying capacity is compulsory). You can choose 
when you buy aSaab 900 GLs. You can choosefrom manual orautomatictransmission. You can even choose 

three, four or five door models (although an enormous a sunshine roof. . 


But before we get carried away there’s one lastthing 
you won't be ableto choose -acarthat 
gives you more foryourmoney _____ 




Plessey to equip new 
Grenada airport 


BY TONY COZIER M BRIDGETOWN 


PLESSEY AIRPORT of the UK 
has extended credit to the 
Grenada Government so that it 
can equip the country's- sew 
international airport with navi- 
gation, communication, ground 
handling and electronic equip- 
ment . .. 

An agreement by which the 


nical assistance and a loan from 
the European Economic 
Community. ' 

: The contract valued at £6.6m, 
brings new airport contracts 
announced by Plessey in the 
past month to approximately 
£18m. 

The airport will' stimulate 


±o per cent w Lae uig w t.viu«uu. 

(£9.2m) contract with Plessey There is an “airport at Pearls, 
In advance while receiving but the new 9,000-ft runway at 


make do without 
“ost advanced car 
ation system. 


(he99. 


boost for West Midlands 


BY LORNE BARLING 


Sikorsky looks for partners 


SY MfCHAQ. DONNE, A BIOSPACE CORRESPONDENT 


SIKORSKY .AIRCRAFT, one of 
the world's biggest manufac- 
turers of helicopters, is seeking 
international partners to help 
develop rotary-winged aircraft. 

Mr Robert F. Daniell. 
president of Sikorsky, said at 
the Hanover Air Show: “We 
are also looking for long-term 
collateral development agree- 
ments on present and future 
programmes.” 

Mr Daniell said that Sikorsky’s 
sales will exceed $lbn (£555m) 
this year, and will reach almost 
S25n by the mid-1980s. Its 
products include the S-7B 
commercial helicopter and the 
H-60 military aircraft 

The H-60 Elat* Hawk is 
becoming the standard U.S. 
military helicopter, and Sikor- 
sky expects to build more than 


2,400 aircraft for the U.S. armed 
forces. 

“The threat we all face is 
that such research and 
development money we have 
must be used to its fullest 
potentiaL It should not be 
spent duplicating helicopter 
technology for each country 
just for the sake of it 

“Joint efforts represent the 
most cost effective approach. 
The results' can be shared by 
everyone and the investment in 
scarce development dollars can 
be maximised," he said. 

“Also, since our new pro- 
duct lines are very flexible, 
they can be modified with 
various different mission suits 
tp a customer's specifications 
without facing., overwhelming 
development costs." 


• Orders for ten of the new 
Franco-I Lallan ATR-42 49-seat 
regional airliners have been 
announced by U.S. and French 
airlines. 

Avions de Transport 
RegionaL the joint Franco- 
Italian company building the 
ATR-42, said that Wright Air- 
lines of Cleveland, Ohio, had 
ordered eight ATR-42*, for 
delivery in early 1986, while 
Air Littoral of Montpellier, 
France, is buying two aircraft, 
for delivery in late 1985 and 
early 1986. 

• Aero Lloyd, the West 
German charter airline, has 
ordered three McDonnell 
Douglas DC-9 Series 30 jet- 
liners for service between West 
Germany and Mediterranean 
holiday destinations. “ • 




t*'r> 


AT A TIME of declining world 
trade and increasing political 
disruption of world markets. 
West Midlands exporters of 
manufactured goods appear to 
be maintaining and in many 
instances increasing their level 
of business abroad, but at low 
margins. 

Although many exporters 
point out that it is bard to 
detect a trend in overseas 
mar kets because they are com- 
plicated by currency movements, 
diverging interest rates and 
third party competition, recent 
figures from the West Midlands 
Regional Chambers of Com- 
merce show a stead}’ improve- 
ment in export orders and 
deliveries over the past three 
months. 

In the first quarter of- this 
year, a third of 367 companies 
taking part in a survey said 
that export deliveries had in- 
creased, compared with 26 per 
cent in the final quarter of 1981. 
while 36 per cent had improved 
their export order books against 
28 per cent in December. 

A high proportion of com- 
panies involved in the survey 
were small manufacturing and 
engineering concerns, many of 
which have been forced into 
export markets as a result of 
falling; demand at home. 

Mr Brian Varley. the Depart- 
ment of Trade’s regional 
director, exports, believes that 
this qualified success is partly 
attributable to the enforced 
perseverance of companies in 


export markets during an 
unusually long recession. 

“A downturn in the UK 
economy has always led to ad 
hoc export efforts, but this time 
companies have committed 
themselves more thoroughly, 
increasing export staff and 
broadening their markets,’ 1 he 
said. 

Although profit margins on 
exports were often low, com- 
panies would probably be un- 
willing to give up hard-won busi- 
ness abroad. It was therefore 
hoped- that they would be able 
to cope with slowly rising 
demand at home without 
relinquishing exports. 

Mr Varley pointed out that the 
Government’s aid scheme for 
the purchase of new machine 
tools and other capital equip- 
ment by small companies had 
resulted hi a flood of appli- 
cations, indicating that industry 
wanted to be in a position to 
meet higher demand at lower 
unit cost. 

“ For any small company, the 
Installation of a numerically 
controlled machine tool in- 
creases capacity enormously, 
and it is smaller concerns 
which will need this capacity 
for subcontracting work,” he 
said, suggesting that recent 
economies at large engineer- 
ing concerns would make this 
necessary. 

Sectors which had been un- 
able to make much headway in 
export markets, and indeed 
suffered from competition from 
imports, remained those pro- 


ducing lower added value pro- 
ducts, Mr Variey pointed out 
However, increased marketing 
efforts overseas have tended to 
be at the expense of research 
and development, by the cash- 
starved smaller companies, Mr 
Variey believes. Many are 
living dangerously on exports, 
exposed to currency fluctuations 
and political disruption, he 
warned. 


Nevertheless, many exporters 
were learning to spread their 
risks over seven or eight mar- 
kets instead of three or four, 
and their approach was becom- 
ing far more professional. 

According to Mr Steve Ran- 
kin, regional director of the 
Confederation of British In- 
dustry (CBI1, there is increas- 
ing concern over worsening 
recession in two of the UK’s key 
market West Germany and the 
U.S. Competition from these 
countries in third markets is 
also increasing. 


He emphasised that despite 
signs of improving demand, 
companies in die West Midlands 
were having to live with flat 
markets both at home and 
abroad. Those which had main- 
tained growth through higher 
exports had often seen profit* 
ability decline. 

“The companies which have 
maintained their margins are 
those which have - been, moving 
up market, getting oat of older 
products and patting rc*?urees 
into innovation/ he said. 

The recent export perform- 
ance of Lucas Industries 
illustrates this well. In the 
second half of last year, when 
sales abroad were valued at 
£124m, aerospace equipment 
exports were up. by 30 per cent 
compared with the same period 
in 1980, while auto m ot iv e parts 
were up by 14 per cent, and 
general industrial equipment 
was down, by nearly 40 per cent 

Lucas, whose aerospace -com- 
pany is the largest of its kind 
outside the UiL, points oat that 
while the worid aircraft industry 
' has. suffered setbacks recently, 
longer term contracts tend to 
iron out fluctuations in demand 
and currencies. The company is 
less optimistic about' the U.S. 
motor industry market, but 
nevertheless predicts an overall 
10 per cent increase in the value 
of its exports this year. 

Another increasingly evident 
constraint on exports,- the CBI 
points out, is the rising number 
of problem markets, such as 
Iran, Nigeria, and Poland — all 


previously Wg UK customers — 
and others where it is difficult 
to obtain Export Credit 
Guarantee Department (ECGD) 
cover. 

In addition, embargoes such 
as that on Argentina, and the 
UJJ. restrictions on certain 
exports to the Soviet Union 
(which has hit some UK 
component • suppliers) are 
narrowing down the choice of 
potential overseas customers 
and : generally depressing trade. 

The ECGD’s Midlands office 
also points out that claims for 
non-payment in Europe and the 
UJ3. — traditionally die safest 
markets— have also gone up 
recently, almost certainly as a 
result of recession. 

Most exporters are now 
acutely aware of the need to 
improve margins, particularly if 
they see a long term future in 
particular markets. Recent low 
wage increases have been help- 
ful in this respect, bat a fall 
in the value of sterling against 
European currencies would be 
widely welcomed. 

It is becoming more difficult 
to increase prices in export 
markets, due to domestic and 
foreign competition. Rising 
ECGD premiums are for some 
an unavoidable additional cost. 

Overall, work forces in the 
West Midlands have responded 
well' to the need for good 
quality, competitively priced 
exports, often in the knowledge 
that the future of their company 
may depend on repeat orders. 


WORLD TRADE NEWS 













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Weve been understanding the 
business traveller for over 50 years. 


When the 
firstPan Am flight 
took off back in 
1927, our learning 
experience with 
business travellers 
began. 

Naturally we 

have learned a lot about them since then. 

And we've put this knowledge to 
good use, making life easier for those 
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For we were the first airline to 
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And we feel it's a civilised alternative to 
flying Economy when you're flying on 

; ~z business. 

Yxicanfly The first thing 

Fbn Am to all you'll notice about 
these U.S. cities. Clipper Class is that 

NswttA | Honolulu ~ it is in an entirely _ 
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Los Angeles New Orleans the aircraft. 

San Francisco Orlando Then, as you 

Seattle Pittsburgh settle back,yOU'll 
Washington _ g a n Diego realise the seats are 

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Dallas/ Kansas City Comfortable. /***» j 

Fortworth Tuba * And there are I ^ 


Honolulu 
Las Vegas 


San Francisco Orlando lnen,as 

Seattle Pittsburgh settle back,yO! 

Washington _ § a n Diego realise the seat 
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Dallas/ Kansas City Comfortable. 

Fortworth Tulsa * And there are 

Detroit OkiahomaCity fpwerof th em . 

•From June 1st 


Which means that wherever you sit, 
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It's peaceful and quiet in Clipper 
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And, again, thanks to the extra room, 
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So you can discuss business with- 
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The cuisine, as well, is special in 
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Pan Am. ibu Can t Beat the Experience: 










Financial Times Thursday May 20 1982 


Starting June 18 




Sens you a choice of 


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most convenient gateway. 










Delta makes it more convenient than 
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to £0 other U.S. cities. Leave daily at 1215 
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j^PELTA. 

GY3TBW ROUTE MAP 





if 






UK NEWS 


Earnings increases lowest for four years 


BY MAX WILKINSON, ECONOMICS CORRESPONDENT 


BR ‘not 
considering 




HOPES that the inflation rate 
is now on a firm downward 
trend were encouraged yester- 
day by a further slowing down 
of earnings increases. 

The Department of Employ- 
ment reported that the average 
increase in earnings during the 
12 months to March was 11 per 
cent, compared with 11.4 per 
cent in the 12 months to 
February. After allowing for 
backdated pay settlements, it is 
estimated that the underlying 
annual rate of increase is 10 } 
per cent, the lowest for four 
years. 

This reflects a continuing 


moderation in pay .settlements 
which the Confederation of 
British Industry says averaged 
6.7 per cent in April compared 
with about 7 per cent in the 
first three months of the year. 

Tomorrow the April figures 
for the retail price index are 
expected to- show a -further fall 
in the annual rate of price infla- 
tion. perhaps into single figures. 
Officials expect the rate will 
continue to fall, at least for the 
next few months. 

The average earnings figures 
have been boosted by an 
increase in the hours of over- 
time worked when economic 


activity picked up during the 
late summer and early autumn. 

It is estimated that the 
increase in overtime and the 
reduction erf short : time working 
has added about 1 per cent to 
earnings in the last year. 

These moderate increases in 
wages, together with sharp im- 
provements in manufacturing 
industry’s productivity, have 
held the annual -Increase in wage 
costs per unit of production to 
an average of only 2.7 per cent 
for the three months’ to March. 

The latest figures 9how that 
the hours of overtime worked in 
March were 9.9m per week, an 


increase of 1.8m hours compared 
with a year earlier. r Rie loss of 
hours worked through short 
time working fell from 6jSm 
hours a week in March 1931 to 
only 2m hours a week in March 
this year. 


'MENUS ■ 

annas*-] 


passengers 

adequately’ 


By Hazel Duffy. 
Transport Correspondent 


The figures also show a con- 
tinued slowing down of the 
animal rate of increase in basic 
pay. Basic weekly rates 
increased by 6 per cent in the 
12 months to April, compared 
with an annua! rate of 635 per 
cent in March and an annual 
rate of 9.3 per cent in Septem- 
ber last year. 


tuanmxBoa 


lulili i nm TnlM U^,il ,. . infiw . 

-■MHtfWbMNMRlIid . 


Jessel aims [ Energy costs ‘threaten ICI chlorine output 9 


to set up 
new JFB 


BY NTGK GARNETT, NORTHERN CORRESPONDENT 


board 


By lan Rodger 


THE former chairman of 
Johnson and Firth Brown is 
seeking the support of the 
special steel group's larger 
shareholders for the creation 
of a new sup e rvisory board. 
Present management would 
be invited to remain in their 
manag erial . positions. 


Id MIGHT be forced to shut 
down some chlorine-making 
capacity because of electricity 
costs, unless energy pricing 
became more equitable with 
that for foreign competitors, Mr 
John Harvey-Jones, its chair: 
gnan, said yesterday. . 

The company would do all it 
could, in terms of. technology 
and productivity, to “hang in" 
as long as it -could "but at some 
point relatively high-cost. power 
would prevent it being able to 
“support” some of its processes. 


Hr. Oliver Jessel, who last 
month criticised the JFB 
board for concentrating in- 
creasingly on the steel busi- 
ness, said in a letter that he 
would not be a candidate for 
such a board but would be 
prepared to organise a share- 
holders’ meeting provided the 
larger ordinary shareholders 
met tiie cost 


Unless a long-term solution, 
were found there was certainly 
no case for more' investment in 
its cMorineiproduction plants in 
north-west and north-east Eng- 
land. 


Electricity consumes 60 per 
cent of operating casts for most 
of Id's cblorinomaJting plants, 
though the disproportionate 
impact of energy-pricing for its 
UK operations is cut when 
chlorine is used as an additive 
in making other products. 

While acknowledging- the 
Government hag assisted indus- 
try Mr Harvey-Jones said he did 
not share ministers' apparent 
view that electricity prices 
would rise .sharply for ICFs 
foreign competitors. 

The company could , see 
nothing, In terms of technology 
or productivity, able to offset its 
electrical-cost disadvantage. 

Speakin gat the opening of a 
£40m chi orome thane plant at 
Runcorn, Cheshire, the largest 


of ks kind in the world. Mr 
Harvey-Jones said ICI's perform- 
ance had to be based on raising 
sales, partly by emphasising 
product ' uniqueness, building 
world scale -plants and improv- 
ing productivity. 

He saw no relief in the trend 
of manpower cut ICI, with a 

74.000 workforce has shed about 

17.000 jobs in the past two years. 
The chairman saw no prospect 

of real general growth but the 
rate of manpower cuts was 
directly geared to ICFs success 
in developing markets. Mr 
Harvey-Jones said the Mond 
division with its headquarters at 
Runcorn had been doing this 
successfully. 

The new Cheshire plant 
doubles ICFs chorom ethane 


capacity - producing. It is 
designed largely to expand 
European -sales. Three-quarters 
of the 100.000-tonne&a-year 
output of the main product, 
methylene chloride, a-, non- 
inflammable. solvent used 'in 
paint-strippers, phamaceuticals- 
makrng and other general 
solvents, is for export 

ICI is developing new - out- 
lets for this product, including 
North America and Japan. 
Growth prospects are less 
buoyant now than when the 
plant was ' authorised three, 
years ago but the' company 
says there is still the prospect 
of 5 per cent a year growth. 

Two other materials- made by 
the plant are- chloroform- and 
methyle chloride. ... 


U.S. set to step up pressure More gas discovered in 
for European gas plan North Sea’s Bruce Field 


He said he would not appear 
at such a meeting to discuss 
resolutions for such a board 
“as I would be an inflamma- 
tory influence.” 


BY RAY DAFTBR, ENERGY SXTOR 


BY OUR ENERGY EDITOR 


Mr Jessel proposed that 
shareholders who supported 
his proposal write to him and 
send at least £5 plus an addi- 
tional £5 for each 100,000 
shares held. 


MR NIGEL LAWSON; Energy 
Secretary, is expected to come 
under renewed U5. pressure to 
encourage the UK gas industry 
to -cooperate more fullyin an 
integrated European gas distri- 
bution system. 


Mr Geor ge B ardie, finance 
director of JFB, said the com- 
pany had chosen to ignore Mr 
Jessel’s first statement but if 
he proceeded with a circular 
to all shareholders, the board 
might have a responsibility to 
respond. 


Abbey offer to Trust 


FOUNTAINS ABBEY in 
North Yorkshire, and the 
630-acre Studley Royal Estate 
its stands in has been offered 
to the National Trust. 


The offer came from North 
Yorkshire County Council. 
Under the deal the National 
Trust will take over the 
Council’s loan debt of more 
than £191,000 and save rate- 
payers an estimated £80,000 a 
year. If it goes through, the 
Trust will take over owner- 
ship in 1983. 


The issue will almost cer- 
tainly be raised when Mr James 
Edwards, the U.S. Secretary for 
Energy, visits the UK next 
month. Both ministers are due 
to speak at the International 
Association of Energy Econo- 
mists’ annual conference in 
Cambridge between June 28 
and 30. 

Mr Edwards is expected to 
take the opportunity to raise 
with Mr Lawson the Reagan 
Administration’s continuing 
concern about the projected 
growth in European imports of 
Soviet natural gas. 

Mr Edwards wants to see 
North Sea producers-^particu- 
larly the UK and Norway — 
playing a bigger part in supply- 
ing gas to the Continent 

The UK remains a net Im- 
porter of gas and has no 
immediate plans for exports. But 
the Government has hinted that 
should large quantities of gas 
be found as a result of the 
expected resurgence in explora- 


tion,. some exports might be 
considered. Significantly, the 
newly-announced eighth round 
of offshore licences is to Include 
blocks in the southern gas- 
producing area of the North 
Sea. 

The UK’s position is under- 
stood to have been accepted by 
the Reagan Administration. 
Even so, Mr Edw ards is likely 
to urge the UK to co-operate 
with Norway in the establish- 
ment an an integrated pipeline 
network — perhaps using the UK 
as a “land bridge” so that 
North Sea gas could be more 
readily transported to the Con- 
tinent. 

The TIE. has sooken out 
strongly about proposals to pipe 
large quantities of Siberian 
natural gas to several West 
Euronean countries. There are 
two main reasons for President 
Reagan’s concern. He feels that 
some countries, like West 
Germany and France, could be- 
come too dependent on Soviet 
supplies, thus im pairing their 
energy security. He is also wor- 
ried about the extra hard 
currency that will flow to the 
Soviet Union: money, he feels, 
which could be used for military 
expansion. 


AN OIL EXPLORATION con- 
sortium led by the U-S. Hamil- 
ton Brothers Group has found 
more natural gas in its promis- 
ing Bruce Field in the North 
Sea. 

Results of two newly-drilled 
wells have considerably en- 
hanced prospects for a field de- 
velopment programme costing 
hundreds of millions of pounds. 

But partners in the venture 
will carry out more seismic ex- 
ploration and appraisal drilling 
before they commit themselves 
to development The field, some 
240 miles north-east of Aber- 
deen. could provide the UK with 
much-needed supplies of natural 
gas in. the late 1980s and 1990s. 

Hamilton Brothers said yes- 
terday that one weH," drilled on 
Block 9/8, yielded more than 
20m cubic feet a. day of natural 
gas and 2,300 barrels a day of 
very light oil, known as con- 
densate. The condensate had 
a specific gravity of 52 degrees 
API (American Petroleum In- 
stitute). ” 

The other well tested three 
separate sections of reservoir 
rocks. Gas flowed at rates of up . 
to 26m cu ft a day, while con- 
densate- was produced at 4,500 
barrels a day. 


Hamilt on said that both wells 
had been sealed and ' “ sus- 
pended," a hint that they might 
later be used for production. 
It is unlikely that Hamilton and 
its neighbours, a. consortium led 
by British Petroleum thought 
to share part of the Bruce Field 
reserves, can submit a develop- 
ment application! to the Energy 
Department before well- into 
next year. . . - 


The field already looks a' 
potentially commercial prospect 

The two groups have still to 
deride which company will be 
operator of the field 'and on ways 
of bringing .the gas asbbire. The 
■Bruce Field was. to have been 
a reservoir connected to the; 
Government's abandoued £2.7bn i 
gas-gathering system. - ' 

Partners in. Block 9/8 are: 
Hamilton Brothers 1 (14 per 
cent);.- Hamilton International 
(22.33- per cent); BP Petroleum' 
Development (30.33 per cent);- 
RTZ Oil and Gas- (23.33 per 
cent); Biackfriars Oil (8.33 per- 
cent); and Trans-European (1.67 
per cent). 

The same companies, and Bri- 
tish. National Oil Corporation, 
have interests in the adjoining 
Block 9/9: j 


BRITISH RAIL passengers are- 
not being considered or co re- 
sulted adequately in BR’s drive”-' . 
to meet its rigid financial^ 
targets, says the Central Trans- . 
port Consultative- Committee/:' 
the official consumer watchdog^' - 
for Tail passengers. 'S' 

Mrs AliSOn Munro, chairman^- 1 
of the committee, says in the,* 
annual report published yester--” 
day: “There are disturbing - ' 1 
signs that management have**. - 
precipitated Into crude andvr 
hurriedly conceived reductions^ 
in the service before passenger^ 
interest lias' been adequately*! 
considered or consulted. They w. 
include,-, for instance, early 
evening closure of stations, ,-v 
overcrowding on some lines and-dj 
timetable adjustments which...} . 
materially affect the established: T 
pattern of service to the greater 
inconvenience of some groups^l 
of passengers.” - si. 

The committee, which ech- \ 
ordinates the activities of 11"- 
Transport Users Consultative'"- 
Committees, sees its primary-' 1 -, 
roles as "bridging the gap, which _ 
is most apparent in times of 
financial restraint, between they, 
passengers and commercial in--.* 
terests of : the railways.” . 

Although anxious to see BR 
-improve productivity, it . has,:; 
decided, to concentrate its re- -.*: . 
sources on quality of service.- -z, - 
The committee sees the con--.-; 
sumeris interest as being most--- 
at risk on those parts of the 
rail network which fulfil a social ■ 
need, such as the commuter and ' 
provincial services, where BR is £ 
less exposed than in its Inter- ( 
City and freight operations. \- 

The marked deterioration in ~ 
•quality ''of service on the Lon- 
don and South-East commuter 
lines comes in for particular | u* 
criticism from, the committee. * 

It says it whs told, by the 
British Railways Board that they - 
board is under strong pressure 
from the Department of Trans- I - 
port to reduce peak period ser- !. 
vices to save money. The corn- , 
ndttee says more emphasis . 
should be placed cm stimulating,, 
demand rather (than simply re? 
during supply. . 

. £a its submission to the j - 
Transport Secretary, the cow- jv 
nrittee. urges that he select the 
medium load factor option- for 
these commuter services. It r 
argues that . under the ."higher : r: 
load -f actor option outtined anT - ; : ■ 
rthe policy document the- number .. " 
of passengers being foreed to • 
stand for the duration of their j;-- 
journeys would . “ seriously - 

worsen travelling conditions,’! -.. 
particularly on outer suburban 
lines. - . 


, L^ A ^ 


Northampton cuts 


Agrochemical exports increased by 15% last year 


Losses of 
shipowner 
assessed at 
$77,400 


BY SUE CAMERON, CHEMICALS CORRESPONDENT 


Fifty workers are to lose 
their jobs at the Northamp- 
ton engineering company. 
Bell and Webster. A farther 
25 workers are being made 
redundant at the nearby en- 
gineering company, CovaUen 
of Rushden. 


By Raymond. Hughes. 

Law Courts Correspondent 


Mr George Blackwell, a 
full time official with the 
Engineering Union said “ The 
geniral situation in the indus- 
try is causing grave concern. 
Many engineers with years of 
experience are now out of 
work.” 


Mail order company, BL 
Marketing, a subsidiary of 
cereal firm Weetabfx, is to 
close Us offices at Kettering. 
North ants at tha end of July 
with the loss of 100 jobs. The 
recession has been blamed 
for the closure. 


UK EXPORTS of agrochemicals 
jumped by 15 per cent last year 
to £212.4m, according to figures 
released yesterday by the 
British Agrochemicals Associa- 
tion. 

Britain now ranks third in 
the world league of agro- 
chemical exporters after the 
U.S. and West Germany, says 
the association. 

The statistics — based on data 
from the association’s member 
companies — show that the to tail 
value of Britirii agrochemical 
sales last year was £4 54.8m, 
16 per cent higher than in 1980. 


Sales in the UK accounted 
for £242.4ra of the total, and 
were 17 per cent higher than 
in the previous year. 

In the UK, sales of garden 
weedkillers and insecticides 
grew strongly during, the year, 
increasing by 31 per’ cent and 
25 per cent respectively. The 
biggest growth in the export 
sector was in fungicides, where 
sales went up by 23 per cent 


The increase in agrodhemical 
sales is in contrast to figures 
for other sectors of the 
chemical industry — notably 


petrochemicals — -where demand 
is still depressed. 

Yesterday the • association 
stressed that the agrochemical 
industry had achieved very 
“creditable growth’' last year 
"despite the gloomy outlook 
following difficult economic 
conditions the previous year.” 

But the association claimed 
that while sales had increased, 
profits bad not done so — at least 
in real terms. 


second half of last year by the 
activities of parallel (importers 
— companies which take advan- 
tage of price differentials 
between the UK and The 
Continent on identical products. 


It sand severe competition in 
the British agrochemical market 
had been intensified in the 


Last night, at the association’s 
annual dinner in London, Dr 
Derek Cornthwaite, the new 
ch airman, made a plea to the 
Government to extend agro- 
chemical patents; He said the 
need to meet regulations on 
safety and efficacy could take 
five years off the. patent life of 
an agrochemical. ' _ 


Police ‘must not be caught out by mob violence’ 


BY LISA WOOD 


Kolor closure 


Stoke-on-Trent stationery com- 
pany, Kolor Continuous, is to 
close with the loss of 170 jobs. 
Some 120 of the redundancies 
will be in the Potteries and 
at the company's sister factory 
at Preston, Lancashire. The 
company blamed the recession 
for the closure. 


THE POLICE must never again 
be caught unprepared for “mob 
violence" on the scale experi- 
enced in last summer’s riots* Mr 
James Jardine, the retiring 
chairman of the Police Federa- 
tion, said yesterday. 

He also told the federation’s 
conference at Scarborough that 
the issue of adequate police pro- 
tective equipment to deal with 
riots should not depend on 


the whim of a chief constable 
or the political view of a 
police authority. 


“This must be a matter for 
central policy decisions and for 
uniform standards throughout 
the country," he said. He told 
Mr William Whrtelaw, Home 
Secretary, and conference dele- 
gates that the cost of the equip- 
ment should not fall on local 
authorities. 


Mr Jardine, Who is retiring 
after six years as chairman of 
the federation, said that 1981 
would -go down as a dramatic 
year in police history. “Let it 
be understood, however, that the 
policet must never be caught 
unprepared for mob violence on 
such a scale.” 

Expressing reservations on 
some recommendations made by 
Lord Seaman in his report on 
last year’s riots, Mr Jardine 


opposed racial discrimination 
becoming a specific offence 
under the police discipline code. 

On Lord Scarman’s recom- 
mendation to increase the num- 
ber of black police recruits, he 
said the Police Federation 1 
would welcome wider recruit- 
ment from ethnic communities 
but, “we must never lower our 
entry standards simply . to 
accommodate people we 'would 
not otherwise accept.” 


Hopes fade for De Lorean as deadline approaches 


BY JOHN GRIFFITHS 


THE receivers of the Belfast- 
based De Lorean sports car 
venture are expected to make 
a statement at the end of this 
week on prospects for the plant 
They have said the plant can be 
kept operating only until the 
end of this month In the ab- 
sence of a satisfactory financial 
rescue. 

Sir Kenneth Cork and Mr Paul 
She well, the joint receivers, are 
declining to comment on Mr 
John De Lorean’s effort* to con- 
clude an agreement with New 
York property developer Mr 
Peter Kalikow under which Mr 
Kalikow would inject $35m 
(£19.3m) into the De Lorean 
enterprise. 

Sir Kenneth said on April 23 
that rescue proposals put for- 
ward then by Mr De Lorean 
which involved Mr Kalikow as 
the main potential rescuer, pro- 


vided the basis for an agree- 
ment But four days have passed 
since the date by which an 
agreement was to have been 
concluded and there arc signs 
the rescue package has run into 

Mr De Lorean said when the 
proposals were put to Sir Ken- 
neth that they involved a take- 
over of both the U.S. and Belfast 
companies — only the latter Is in 
receivership — with the new 
owners assuming the £23m 
mortgage for the plant. First 
lien on this is held by the Gov- 
ernment, which invested £67m 
in the venture. 

It now appears, however, that 
Mr Kalikow’s main interest lies 
with the U.S. marketing end of 
the operation, which would 
leave the future of the UK 
operation unresolved. • 

A further -difficulty is looming 
In regard to Bask of America, 


which is understood to be seek- 
ing repayment next week of 
some $5.3ra outstanding from 
the U.S. De Lorean Motor 
Company for financing of stocks. 
The hank seized nearly 2,000 
cars after the Belfast company 
went into receivership in Feb- 
ruary against a total of $19m 
outstanding in stock finance, but 
was paid nearly 314m last month 
by Dc Lorean after the sale of 
1,200 cars to a liquidation com- 
pany. 


Although time appears to be 
fast running out, Mr De Lorean 
is still confident that a rescue 
deal can be worked out by the 
end of the month. 


He may now be looking to 
farther investors to help him 
rescue the Belfast plant. Yes- 
terday. it was again suggested 
that Mr De Lorean hopes to 


draw in as a potential investor 
an unnamed Southern Califor- 
nian- financial institution which 
he has referred to several times. 

But the developments of the 
past few days have done little to 
offset mounting- scepticism over 
a rescue being achieved. The 
L500 workers at the plant are 
expected to he summoned to a 
meeting with the receivers this 
week to be told of their employ- 
ment prospects beyond the end 
of next week. 

Meanwhile, sales of the 
525,000 gull-winged sports cars, 
despite the release of more cars 
after the partial settlement with 
Bank of America, have fallen. 

Mr Mike Colvin, of Estate 
Motors at Golden- Bridge, New 
York; said .his company was now 
painting the cars and that they 
were being discounted to the 

$20,000 level. 


“ We’re still selling them and 
the interest is still there. But 
they are sticking.” Sales had. 
come down to “one or two” a 
month and were not helped by 
the company’s financial, prob- . 
lems, or the high interest' sates . 
and the depressed U.S. economy i 
— “ even our Mercedes sales ; 
have dropped off”. 

Mr Nelson Van Atfa, vice- 
president of Van Atta Buiek in 
Binghamton, said his company 
had sold eight De Lorean. cars 
and “ we’ve still got a couple in 
stock.” It had last placed an. 
order for De Loreans five 
months ago. 

The irony is that, despite be 
Lorean’s financial 'troubles, bo tit 
dealers ' stressed that - -they 
thought the car could' be. a win- 
ner. According to Mike Colvin: 
" I drive one all the time — it's 
very well made and I love it” 


THE Greek owner of the 22, 670- 
ton bulk carrier Anangel Glory 
suffered losses totalling $77,400* 
(£42,551) when a court injunc- 
tion frustrated a potential 
charter of the vessel, a judge j 
decided yesterday. : 

Anangel dory Compama. 
Navi era, part of the Piraeus- 
based Anangel Shipping Enter- 
prises Group, will, however, 
have to await the outcome of 
further court proceedings before^ 
getting the money. ^ 

Judge Stabb, a High Court" 
Official Referee, said yesterday 
that in May 1979, Anangel’ 
chartered the vessel to Trade’ 
and Marine, of Hamburg, to. 
carry grain from Australia to» 
Basrah. 

Three weeks later Anangel. 

. withdrew the vessel for alleged* 
non-payment of the daily hirer?- 
and began negotiations for a_; 
charter to World Curie. 

Before an agreement had been:. 

reached, Unimarine, a company- 
apparently associated with; 
Trade and Marine, obtained a.-- 
nigh Court in junction restrains 
ing the withdrawal of the vessel,.^ 
from Trade and Marine.. W 

The court subsequently can-* 
celled the Injunction, directed" 
an inquiry into the damage - 
suffered by Anangel as a result- . 
of It, and ordered Ummarine „ 
to pay the legal costs on the 
ground that it had not been the: 
proper parly to take the matter-/ 
to court. . = 

After the cancellation. - 
Anangel chartered the vessel to. 
Furness Withy. -\‘f 

Judge Stabb concluded fronu' 
an examination . of a record of-? > 
Anangel's negotiations with'-- 
World Circle that only • the 
imposition of the injunction had- - 
stopped a 50-day charter' beings*' 
agreed. - : .- 

' He assessed A nan gel’s loss-- 
by comparing what it would--, 
have received under the World*- 
Circle charter with what 
actually received from Furness'-! 1 
Withy during the 38 days than 
the two charter periods over- 1 , 
topped;. 8,3 

Payment of the damages wili :7V 
have to await the outcome of * 
a pending Commercial Court - 
action in which Trade and 4 
Marine will allege. that Anangel- 
wrongfully withdrew the vessel.^!, 

If that ease is not brought^.; 
before the court fairly swwu ;- 
Anangel is likely ' to go to court. 
itself and seek an order that v - 
Unimarine pay it the $77,400. 


■C j : >| 






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9 


i. iiioiicuu imleb lutuaud) iua y I&U lbbA 


Crown Agents produces 
£ 2 . 28 m gross surplus 


BY PAUL CH£E5ERK3fr 

THE Crown Agents, reorganised 
and rationalised since losing 
about £2 00m on property deals 
in the mid-1970s, last year had 
an operating surpIus of £22JSm, 
compared with £2.Q5m in 1980, 
its first year of operation since 
incorporation - by Act of 
Parliament 

After paying tax and an 
interest payment of £lJ29m on 
the £30m provided by the 
Government as initial capital, 
■however, the net surplus, before 
ah extraordinary item, was 
£912.000, compared with £ 1.09m 
.in' 1980. 

■Last year the Agents repaid 
£6.77m to the Government, 
after the sale of a London pro- 
perty, and in March £2 .23m 
more was returned. A com- 
mencing capital debt of £21m 
was left 

The Agents just managed to 
hold its head above the water, 
said Mr Sidney Ebume, its 
.'chairman, yesterday, but 1982 
will be just as difficult. 

It might be worse because 
;lhte Agents is active in the 
developing world, providing 
services and .procuring’ goods 
for public-sector bodies, in a 
reassertion of its traditional 
role. 

Developing countries, how- 
ever, are caught in the world 
recession at a time the British 
aid budget, much of which is 
administered by the Agents, is 
declining. 

This forced the Agents to seek 
expansion of its services, mainly 
in areas where St is established 
already. More than 80 per cent 
of its income last year was 
drawn from Africa, South and 


Laser cure 
for kidney 


South-East Asia, the Pacific, 
Europe and the Mediterranean. 

The Agents are looking at 
South America as a potential 
market but Mr Ebume said 
resources had to be husbanded. 
“We’ve got to "concentrate on 
serving those principals we 
already have.* 

This broad strategy is being 
acted out against the back- 
ground of continued effort to 
unscramble the losses made on 
property in the UK and Aus- 
tralia in the 1970s. The un- 
scrambling was hived off to a 
separate set of accounts. 

Australian property is being 
sold for about £130xn. The sale 
should be completed by the end 
of nest month, resulting in re- 
payment to the Government of 
perhaps £5m. The Government 
provided £175m to prevent the 
Agents going bankrupt. 

The tribunal of inquiry set 
up by the Home Office to look 
into the affair is expected to 
publish its report at the end of 
next week. 

Those who drew the Agents 
into its losses have long since 
departed. The present manage- 
ment has engaged in a more 
active marketing policy in the 
traditional area of services, 
coupled with extensive rational- 
isation of the organisation in 
the face of the recession. 

The Agents staff has fallen 
from just more than 2,000 to 
1,460. Steps have been taken to 
consolidate the London opera- 
tion. Of live properties once 
used one has been sold and two 
will soon be on the market 

Because there has been less 
demand for the Agents engineer- 


ing services, established to 
build roads and so on, this sec- 
tor is being reduced. If con- 
tracts pro won, outside contrac- 
tors will fulfil them ad hoc. 

In tbe past year the Agents 
opened an office in Zimbabwe 
to provide a better service to 
all southern Africa to provide 
quicker, more flexible procure- 
ment for clients it is buying 
more goods overseas. 

Such orders would not neces- 
sarily have come to the UK in 
the first place and often consti- 
tute new business for the 
Agents. 

At the same time the Agents 
has won ministerial approval to 1 
act as prime contractor for mul- j 
tilateral aid agencies, partly to 
offset the reduced amount of 
work springing from the UK aid 
budget. In this role it has won 
small contracts in recent months 
in Ghana, Guyana, Jordan, 
Kenya and Mauritius. 

Providing financial services 
has kept the 1981 figures rela- 
tively steady, because the lack 
of foreign exchange has delayed 
the fiow of orders from places 
like Kenya and Nigeria. The 
Agents is negotiating to set up 
a company in Nigeria with 
Nigerian equity. 

Last year the Agents handled 
funds worth about £3.4bn for 
overseas clients, 45 per cent 
more than in 1980, taking a 
margin on the transactions it 
was undertaking on their behalf. 

This surge in money-manage- 
ment demand may not last. 
Crown Agents executives hope 
orily that if the downturn comes 
it will be after a recovery in 
other parts of the business. 


By Elaine Williams 

LASERS MIGHT soon be used 
widely to remove kidney- 
■ stones following a break- 
through by specialists at the 
; Institute of Urology, London 
University. 

An institute team under Mr 
John Wickham, institute 
director, recently developed 
a method to remove small 
stones without the major sur- 
gery in common practice 
today. The laser will be used 
with this technique, to deal 
with larger stones. 

The principle for the technique 
is simple. Hollow metal tubes 
are inserted inihe kidney. A 
“ small instrument with a tiny 
basket or grab plucks out 
small stones of up to 2-5 cm 
• diameter. 

$Ir Wickham hopes to use the 
laser to disintegrate larger 
stones and to remove frag- 
ments using the new tech- 
nique. 

Sir George Porter and his Royal 
Institution team are co- 
operating with Barr and 
Stroud, the Glasgow-based 
company 

Vbout 4 per cent of people 
suffer from kidney-stones, Mr 
Wickham said. They face a 
65 per cent chance of develop- 
ing a second stone after the 
first has been removed. 
Patients treated conventionally 
face major surgery and 
several weeks’ convalescence. 
Under tbe new method 
patients suffer little discom- 
fort and are back at work in 
a few days. 

Jr Wickham recently won a 
European Urology Society 
award for his work, conducted 
mainly at St Peter’s Hospi- 
tals, London. 


GLC looks 
at pension 
investments 

By Wiffiam Dawkins 

"HE Greater London Council’s 
Labour majority is to recon- 
sider some of the investments 
in its care — particularly coun- 
cil pension fund holdings, in 
multinational companies with 
mining interests in the Third 
World. 

Tie? move has been sparked, off 
by ratepayers' questions about 
wages and work conditions at 
Bossing Uranium in Namibia 
(South-West Africa), a mine 
in which Rio Tinto-Zinc has 
a 46.5 per cent share. 
o explain its responsibilities 
to the £500m pension fund, 
which has £2.6m worth of 
shares in RTZTs £73.9m share 
capital, and to decide what 
action to take, the council 
will hold a public meeting on 
May 38. It may then send a 
representative to RT2TS 
annual general meeting on 
June 3. 

tber companies may also come 
under the spotlight, but Mr 
John McDonnell, chairman of 
the council’s finance com- 
mittee, who proposed the pub- 
lic meeting, said it was too 
early to say which, 
ffter the meeting, to which 
the South-West African 
People’s Organisation has 
been invited, the council 
mav ask RTZ to review its 
policy on such matters as the 
treatment of workers if the 
council fears conditions at 
' R ossing jeopardise the 
security of its investment 
TZ said conditions at the 
mine were at least as good— 
if not better— than anywhere 
else in Africa. 


Aircraft costs ‘will 
cat size of industry’ 

BY MICHAEL DONNE, AEROSPACE CORRESPONDENT 


RISING COSTS of new large 
civil airliners mean that eventu- 
ally there may be only two 
major manufacturers — Airbus 
Industrie in Western Europe 
and Boeing in the U.S. 

Sir Austin Pearce, chairman 
of British Aerospace, forecast 
tills when he delivered an 
address on the future of the 
aerospace industry to the Stock 
Exchange’s Northern Unit Con- 
ference in Manchester yester- 
day. 

“Boeing will probably team 
up with the Japanese which will 
make for a formidable combina- 
tion, and then we will have a 
European consortium wtdeh will 
include the Italians, the Dutch 
and the Belgians. 

“ The fact that Airbus Indus- 
i trie wiH then have seven 
partners, rather than four 
(including the UK) as at pre- 
sent, will make Hfe more 
difficult for them, but can be 
offset by national influence in 
various parts of the world.” 

He said the fact that there 
were only two manufacturers 
could also mean they both made 
a profit because the market 
possibly could not sustain three 
manufacturers. 

"It will probably also mean 
a smaller number of new 
models. Instead existing models 
wiH be modified and upgraded 
uzrtH they have very little 
resemblance to the original air- 
craft” 

But, he added, this was one 
way of maximising the use of 
investments already made, 
thereby reducing the cost to the 
manufacturer, the ai rlin e and 
the passenger. 

"One could argue that this 
could lead to monopoly, but I 
do not thank it will,'' he said. 
If we had two American com- 


Inquiry urged to reject 
Stansted airport plan 


BY OUR AEROSPACE CORRESPONDENT 


REJECTION OF Stansted as the 
third major airport for London 
is urged by Sir Colin Buchanan, 
president of the Council for the 
Protection of Rural England and 
one of the country’s foremost 
planning experts, in his evi- 
dence to the public planning 
inquiry into the Stansted plan. 

Sir Colin, who will give verbal 
evidence to the inquiry nest 
week, says in his documentary 
evidence that much better use 
could and should be made of 
available airport capacity out- 
side the South-East of England, 
and especially in the Midlands 
— the "industrial heartland” of 
the country. 

Pointing out that there are 
32 commercial airports in 
Britain, Sir Colin says he finds 
it difficult to believe such a 
system could not be made to 
serve the total UK air traffic 
needs — “perhaps a good deal 
better than the system we now 
have, or the system which would 
obtain with the Stansted option 
which would be so heavily 
centred upon London.” 

Sir Colin says two-thirds of 
the population live outside the 
South-East, with some 25m in 
the industrial heartland. 

"Yet by far the largest con- 
centration of airport space is in 
the South-East and it is pro- 
posed with the help of Stansted 
to increase the proportion very 
substantially. 

“I suggest we are heading for 
a crazy distribution of airport 
space.” He suggests that tiie 
British Airports Authority 
should set its sights on the 
industrial heartland than on 
Stansted. 


“It appears as a curious 
anomaly that the BAA should 
own three airports in the South- 
East and four in Scotland, with 
nothing in between. 

"One is tempted to wonder 
to what extent the authority’s 
desire to expand Stansted arises 
simply from the fact it owns it, 
and what the authority's atti- 
tude would be if it happened to 
own an airport in the middle 
of England.” 

Sir Colin urges the aviation 
authorities to thrash out a new 
policy and suggests they should 
consult more with the planning 
bodies from the start “and not 
leave it until there is a head-on 
collision. 

“They must not land the 
country with any more of these 
huge agonising environmental 
imbroglios, for they strain the 
system beyond the limit 

“They should improve their 
understanding of the growing 
concern about environmental 
matters. 

“They should have regard 
for the strenuous, though not 
nearly sufficient, efforts which i 
have been made since the war | 
to remedy the imbalance of j 
prosperity between the North 
and South of the country . . - 
and pay more attention to the 
role which the regional air- 
ports could play in meeting 
future demands for air travel.” 

Also, if at the end of the 
day, a policy of malting better 
use of the existing airport 
system seems likely to fall short 
of meeting the ftfil predicted 
demand, then this should be 
without panic. 


UK NEWS 




22.7% cut 
at DoE 
in staff 

By William Cochran* 

THERE was a reduction In 
staff of 22.7 per cent in the 
Department of the Environ- 
ment, including the Property 
Service Agency, between 1979 
and 1982, Mr Michael Hesei- 
ttne. Environment Secretary, 
said yesterday. A further 
decrease of 6 per cent was 
forecast for 1982-83, he said. 

Introducing the third round 
of his Management Informa- 
tion System for Ministers 
X Minis) and the latest 
quarterly manpower figures 
for the department and 
related organisations, Mr 
Heseltine said the 1979-81 
reductloiis — from 50,412 to 
38,956 — represented an 
annual salary saving of 
£87. 6m at 1982-83 prices. 

He said an “important 
qualification ” was that 
department work previously 
undertaken by direct labour 
had been done in tbe private 
sector. He was unable to say 
what difference this would 
have made to savings in 
direct costs. 

Mr Heseltine emphasised 
that the staff reductions had 
resulted mainly from natural 
wastage. In a parliamentary 
answer to Mr Tim Eggar, 
Conservative MP for Enfield 
North, he said there had been 
823 redundancies in his 
department including tbe 
Property Services Agency, 
between April 1, 1979 and 
April 1, 1982. “This Is only 
7.2 per cent of tbe total 
reductions achieved, and L6 
per cent of the staff in post 
at April L 1979.” 

He said that Minis, 
launched in spring 1880 fol- 
lowing the recommendations 
of a Rayner Study, had 
enabled his organisation to be 
streamlined. 

Minis was designed to 
enable the Secretary to re- 
view the work of the depart- 
ment and the PSA Last year 
Minis cost £180,000, said Mr 
Heseltine. 


Social scientists have a new supporter. David Fishlock reports 

Rothschild appeals for plain words 


STOP bullying the Social 
Science Research Council, Lord 
Rothschild tells the Govern- 
ment in a report published 
today. It does a good job in 
almost every respect except 
self-promotion and if we didn't 
have it wc would have to create 
it. To dismember the SSRC 
would be an act of intellectual 
vandalism, he says. 

Politicians had made it plain 
that they despised the work of 
social scientists. Lord Roths- 
child spoke yesterday of tbe 
" philistine approach to all 
learning ” displayed by the 
Public Accounts Committee. 

To quote his report: “The 
need for independence from 
government departments is 
particularly important because 
so much social science research 
is the stuff of political debate. 
All such research might prove 
I subversive of government poli- 
cies because it attempts to sub- 
mit such policies to empirical 
trial, with the risk that the 
judgment may prove to be 
adverse.” 

Lord Rothschild goes on to 
say that it would be “ too much 
to expect ministers to show 
enthusiasm for research de- 
signed to show that their 
policies were misconceived. But 
it seems obvious that in many 
cases the public interest will be 
served by such research being 
undertaken.” 

Sir Keith Joseph, who, as 
secretary for education and 
science is responsible for the 
research councils (see Table 1), 
asked Lord Rothschild to inves- 
tigate the smallest, newest 
(1965) and most meanly en- 
dowed of the five. 

The SSRC, whose chairman 
is Dr Michael Posner, the eco- 
nomist has suffered a 24 per 
cent cut in its budget in real- 
money terms In the past five 
years. This year it will get a 
mere 5 per cent of the £464m 
expected to be spent by the re- 
search councils. 

Unlike the other research 
councils, it has few facilities 
for research of its own and is 
mainly a funding agency for 
research done elsewhere. 


Table 1: Estimated expenditure of 
the research councils In 1982-83 


Science and Engineering 

Research Council 234A0 51 

Medical Research 

Council 107.43 23 

Natural Environment 
Research Council 57.54 12 

Agricultural Research 

Council 43^2 9 

Social Science 

Research Council 20-90 5 

Total 46189 100 


It was alleged that Sir Keith 
resented criticism of his own 
policies by social scientists. 
Whatever his reasons, he in- 
vited Lord Rothschild to say 
what areas of the SSRC's pur- 
view should be funded by what 
he called the "ultimate custo- 
mer " rather than the public 
purpose, wbat areas could 
equally well be done by some- 
one else, and what areas (if 
any) now covered elsewhere 
should be researched by the 
SSRC. 

The last time government let 
Lord Rothschild loose on re- 
search policy, a decade ago, his 
report — blunt almost to the 
point of rudeness infuriated 
many researchers and research 
policymakers. Neverthelss, it 
provided a realistic basis for 
public funding of research. 

The Rothschild “ customer- 
contractor principle ” for 
applied research — which means 
most research — states: “The 
customer says what he wants; 
the contractor does it (if he 
can); and the customer pays.” 

But Lord Rothschild acknow- 
ledges that a great deal of im- 
portant research in the social 
sciences has no easily defined 
prospective customer. With the 
natural sciences the customer is 
the person who wants to find 
out whether, and if so how, 
something can be done. But the 
customer for applied social 


Table 2: Soda! 

Subject 

Accountancy 

Management 

Education 

Social studies, sociology 
and psychology 

Planning 


Computing 

Economics 


science research activities and proposed 
*> ultimate customers” 

Proposed ultimate customer 

Professional bodies 

Businesses in their various groupings and 

associations 

Local education authorities and their 



DHSS. local authority social services 
departments; the NHS; voluntary bodies; 
the Social Security Advisory Committee 
Local planning authorities and their associ- 
ations; architects; developers; construc- 
tion companies; voluntary bodies such as 

the Civic Trust 

The software companies and associations 
Treasury, banks, and City institutions 


sciences “includes all those who 
have a part to play in the de- 
cision-making process.” 

Just how many and varied are 
the “ultimate customers" for 
SSRC research can be judged 
from Table 2. Lord Rothschild 
found them “generally in favour 
of the SSRC.” 

A well-developed and compar- 
atively respected area of social 
science is the study of delin- 
quency and crime. But we ought 
not to expect a general theory 
of causes and causal factors for 
use in policy-making. Lord 
Rothschild warns that it is an 
area where “common sense be- 
lief” needs checking by 
empirical inquiry “because 
emotion can infect common 
sense." 

Although such inquiries may 
not be sufficiently complex to 
warrant a research council 
grant, ‘The handling of social 
statistics, and the control of 
sources of error, does require 
backing by careful research 
academic style.” 

There are three reasons, he 
concludes, why the Government 
should continue to fund social 
scSence research through the 
SSRC. First, tbe less ambitious 
and better established disci- 
plines — such as human geo- 
graphy, social psychology and 
social anthropology — generate 
results and methods of great 
interest to other disciplines. 


Second, society needs an inde- 
pendent check on the credibility 
of entrenched connnonsense 
beliefs — especially in such 
emotionally charged areas as 
race, crime, pornography and 
drugs — “which may not corres- 
pond with the facts.” 

Third, to abolish or greatly 
restrict the SSRC_ would throw 
a burden upon its customers 
“ which they could not sustain.” 

Lord Rothschild concludes 
that the SSRC “should not be 
dismembered or liquidated” but 
should in fact be left alone to 
get on with its job. unhindered 
either by investigation or fur- 
ther cuts in its budget for at 
least three years. 

Where he is most critical of 
the SSRC. however, is of its 
apparent inability to communi- 
cate to the ma n-in-the-s tree t. 
He calls Its efforts at plain 
speaking “primitive and unpro- 
fessional.” It suffers from what 
he condemns as the “succulent 
bivalve syndrome" — that is, 
using a pretentious and un- 
familiar term where there is a 
perfectly good one in common 
currency (in this case, the word 
oyster). He recommends that it 
invests £6.40 of a £20.9m budget 
this year in four copies of 
Gowers’ Plain Words. 

An inquiry into the Social 
Science Research Council by 
Lord Rothschild. Cmnd 8554. 
SO. £6.50. 


P allies or two European com- 
panies it might, but I doubt if 
we will change people enough 
before the end of this decade to 
bridge the Atlantic gap ” 

Sir Austin said that in the 
military field he believed there 
would be at most two major new 
combat aircraft projects in 
Western Europe in the next 10 
years. 

He envisaged that one project 
would be based on the British 
Aerospace P-110 concept which 
is under development as a 
private venture. 

“There will be considerable 
competition to produce the 
missile and avionics systems for 
this aircraft and the pressures 
on them wiH particularly be cost 
pressures,” said Sir Austin. 

He felt there would be in- 
creasing interest in vertical- and 
short takeoff and landing 
( V/STOL) “ but I doubt if we 
will see supersonic V/STOL 
before tbe end of this century, 
and probably not then. 

“ A smaller aircraft, probably 
not too different from today’s 
advanced trainer, will probably 
be developed to provide 
numbers, and yet something 
which is usable by the less 
sophisticated nations.” 

. He also thought that in tbe 
medium-sized airliner market, of 
the size of the British Aero- 
space 146, there might be a 
demand for. a limited number 
of models requiring high flexi- 
bility, low operating costs and 
low-skill maintenance, to which 
would be added low nuisance 
value from noise or pollution. 

“This is an area into which 
the Japanese might want to 
eater by the end of tbe decade 
and we will need to beat them at 
riris game. 


Kenneth Durham 




here are 






ns 


aS 


for buying 
rKingAir. 



1. Efficiency Non 

Being Chairman of Unilever; a but up 

multinational company with supple 

considerable interests in Europe, - ™ 

efficient travel can dramatically ' 

increase your personal productivity ai^ a 

that ofyour senior executives. piston- 

2. Mobility ■HHHnn 

You already know how 

a p rivate aircraft can ^ 

enable you to make much 

more efficient use of your 1 

time than you would by MpV 

using conventional road, K --.-X 
rail and air links. 

You know that you can 

be in London in the BBfruV ; 

morning, Holland in the BjOUk' v tv jpfiafr" 
afternoon and back in 

London forameeting in jj| 

the evening. 

3. Convenience 

Tfiju already appreciate ' v -/ 

the benefits of not having HHBIEilij— 

tO Stand in airport queues, Kenneth Durham, Chairman, 

not being delayedby disputes, not — Ecm 

having to adhere to airline timetables * The 

thatareatCKidswithyourovraandbeiiig A{fani ; 
able to use smaller airports that ate slichth 

convenient to your place ofbusiness. 

4. Comfort occasic 


Normal seating is for 6-7 passengers, 
but up to 32 can be accommodated with 
supplementary seating. 

5. Flexibility 

The Super King Air B200 can use) the 
same small airfields as the smaller 
piston-engined aircraft which yon 
^^^^^ oniendyose. 

6.Vahe 

Although the Super 
V King Air represents a 

- si gnificant capital opilg E 

ri^^^jHHlnriealtemisitisavery 
good investment and 
' 9B| perhaps the best value on 

the market- Residual 


iwHB values are high (in. some 
cases the value even 
-dPf r® appreciates), 

- J r - J obsolescence is 'virtually 

Hg&gSp W$ r a nil, the aircraft is 300% 

jW tax allowable in the first 
<i JB year and through Eagle 

2wx irman, Unilever gasify arfa n gpiri. 

7- Economy 

The running costs ofthe Super King 
Air are very reasonable; in fact the 
slightly smaller Bang Air C90 which 
normally seats 5/6 passengers and 
occasionally eight, will cost no more to 
operate than your five sealer piston- 


■With the Beechcraft Super R3ng Air operate than your five seaterpistox 

BZOOyon-g-, vriOQ.be able to use your engined aircraft. 

S.TNata»a Choice 

fhp- KwrirfaM Tfour recotdof success shows thatyou 

^ areaman^tofaio TO^h^bes ^forMs 

X cabin, 

r^VS d p S ,ber 


,y 








THstribntedby 




Teh Garstan (09273) 796n.Teleat 261502. 

te Aircraft Services Limited, Room24, ASB No. 2, AherdeenAiipmtjDyoe AB2GDCL 
(0224) 722331 Ext. 5700.3eleafc 739928. 




10 


Financial Times Thursday May 20 1982 


UK NEWS - LABOUR 






Firemen give two-week strike deadline 


. BY PHILIP BASSETT, LABOUR CORRESPONDENT 


Action plan Print union leader 


jh 


,!• 


JHf 


M 

It 1 


THE GOVERNMENT is 
watching closely developments 
in the fire service after a 
decision yesterday by the 
.Fire Brigades Union to take 
industrial action in two weeks 
time over an inter-muon 
dispute. 

Delegates at the annual 
conference of the FBU voted 
overwhelmingly in support of 
a 17-point plan of industrial 


action proposed by the union's 
executive over a long running 
dispute with the non-TUC 
affiliated National Association 
of Fire Officers. Although the 
FBU claims to represent more 
than half of the 5,000 fire 
officers, it has a minority of 
seats on the employees side 
of the joint negotiating body. 

If no progress is mad* 
within two weeks, the con- 
ference decided that industrial 


action would begin from the 
day shift on Monday May 31. 
The main action will be 
restrictions on answering 
emergency calls. 

The conference also gave 
the executive approval to call 
a series of national one-day 
strikes if any fire authority 
refused to pay FBU members 
taking part in the action. 

While the Home Office was 
responding to toe FBU vote 


carefully. It acknowledged the 
department would be monitor* 
mg the position. There was 
particular cautioun over sug- 
gestions that the Government 
might re-examine plans to 
deploy Green Godess emer- 
gency fire engines— In the 
event of a dispute 
An end to the dispute 
depends on the outcome of an 
employers' meeting on Tues- 
day. Specific proposals are 


expected to be put forward for 
the employee composition of 
the now desolved fire officers' 
representative body. 

A special FBU executive 
meeting will be held the 
following day to consider the 
proposals. 

Iliere were signs that a 
resolution might be found if 
employers first determined 
the number of officers In the 
two unions. 


Executive rebuffed on call for new poll procedure 


FIREMEN refused to consider 
yesterday proposed changes to 
the election procedures in the 
Fire Brigades Union. The 
union's executive had tabled 
amendments following a TUC 
inquiry into allegations o£ 
irregularities in a recent ballot, 
reports Philip Bassett 

The decision will leave at 
least partially unresolved what 
the TUC inquiry’s unpublished 
report into the incident des- 
cribed as ‘‘an unfortunate 
chapter in the history of the 
union.'* 


Delegates at the FBU con- 
ference, which opened in Brid- 
lington yesterday, said the 
executive's confidential recom- 
mendations should not be con- 
sidered by the conference as 
members bad not had the 
opportunity to consider changes 
to union rules that the proposal 
v.«»uld require. 

The motion refusing to con- 
sider the proposal was carried 
on a card vote by 25.553 to 
12.J-SS. The executive's pro- 
polis trill now be put to next 
conference following con- 
5U -inns with union branches. 

At the centre of the row is 


the election last year of the 
FBU’s assistant general secre- 
tary. Under FBU rules, all 
national officials are elected for 
five years by a ballot conducted 
through the union’s branches, 
with the union’s chartered 
accountants acting as. returning 
officers. 

Mr Dick Foggie, the present 
assistant general secretary was 
standing for re-election,' but for 
the first time an. incumbent 
FBU official was challenged, 
when Mr Mike Fordham, a 
national officer, stood against 
him. . Mr Foggie was once 
thought likely to succeed as 
general secretary the late Mr 
Terry Parry, although Mr Ken 
Cameron, another national 
officer, eventually got the job. 

In the ejection, Mr Foggie 
applied and had the election 
suspended “ pending inquiry, 
investigation and possible pro- 
ceedings” after making allega- 
tions about an electoral cam- 
paign which be said was 
designed improperly to influence 
the election against him. . 

A TUC inquiry was then set 
up. comprising Lord Wedder- 
burn. Lord McCarthy and Mr 
George Doughty, former general 


secretary of the draughtsmans’ 
union. Following the recent 
submission of the inquiry’s un- 
disclosed report, toe election is 
now being re-run. Both candi- 
dates are standing again and toe 
result should be declared next 
month. 

The inquiry has so far cost 
the FBU £14,846, according to 
the latest union figures on legal 
and other costs with further 
bills still to come in. 

After eight meetings and 
examining 24 witnesses the 
inquiry committee in general 
rejected Mr Ftiggie’s allega- 
tions. These included com- 
plaints that FBU officers and 
executive members had force- 
fully doubted his competence 
as an officer; they said em- 
ployers no longer had con- 
fidence in him; they claimed 
he had failed properly to repre- 
sent the FBU; and he was not 
interested in remaining an 
FBU official. 

Mr Foggie also alleged that 
an executive member had 
offered someone a high office 
in the union in return for back- 
ing Mr Fordham. The inquiry 
thought this was unlikely. 

In reply. Mr Fordham 


alleged meetings had been held 
to secure further branch 
nominations and support for 
Mr Foggie, which was against 
the rule, and that by calling 
for the inquiry Mr Foggie was 
deliberately seeking to subvert 
FBU election procedures. 

The inquiry said that since 
the considerable impact on the 
union of the first-ever national 
firemen’s strike in 1977, union 
members had started to 
examine the work of union 
officials much more closely 

“This change has been one 
of the factors— perhaps a 
major one — leading to more 
contested elections within toe 
union and more candidates 
standing in these elections 
than before,” it added. 

The inquiry recommended 
new election guidelines and the 
establishment of an election 
appeals committee. These 
recommendations formed the 
basis of the executive’s rejected 
proposals yesterday. 

But in addition, the inquiry 
recommended that the union’s 
chartered accountants should 
take almost total control of all 
election procedures including 
the dispatch and receipt of 


nominations and ballot papers. 
A system should be introduced 
to provide ballot papers in 
separate envelopes for indi- 
vidual union members. The 
executive did not take up these 
proposals. 

'Hie executive’s confidential 
rejected proposals, due to have 
been considered in a closed 
session of the conference yester- 
day. said that; ' 

• All election candidates should 
have an equal right to union 
services and resources. 

• Full-time officials should give 
only " positive information ” 
about candidates. 

• "Regional and 
raittees should 
recommend atkms 
vidual candidates. 

• No attacks should be made 
on absent candidates* integrity. 

• No unofficial election litera- 
ture should be circulated. 

In addition, the executive 
proposed an electoral appeals 
committee,- which could call 
witnesses to consider allegations 
into alleged electoral malprac- 
tices. Its findings would be 
binding on all members, subject 
to ratification by the FBU con- 
ference. 


branch com- 
not make 
about indi- 


to save 
packaging 


to press for TUC 




factory pull-out from Neddy 


By Our- Labour Editor 


BY JOHN LLOYD, LABOUR EDITOR 


THE Society of Graphical and 
Allied Trades, the biggest 
union in the print and 
publishing industry, ha s 
threatened widespread indus- 
trial action against the 
closure by the Unilever Cor- 
poration of ■ its Austen 
Packaging plant in Mersey- 
side. 

The actioD, if taken, could 
extend throughout the con- 
tract printing and packaging 
industries and hit national 
and provincial newspapers. 

A motion at the union's con- 
ference in Bournemouth 
yesterday said that the com- 
pany aimed -to transfer pro- 
duction of cartons and other 
packaging to its Continental 
plants, then to import the 
products bade in, to the UK. 
“at the expense of British 
workers.” - 

However, a call for strike action 
has been delayed pending an 
attempt by Mr Bill Keys, the 
• union’s general secretary, to 
find a settlement with the 
company. 

The deferred motion says that 
“Unilever is a multinational 
corporation of great size and 
power "but we believe that we 
either submit or fight” 

The union is taking a militant 
stance because it feels that 
unless a firm stand is taken 
against continued closures 
and transfer of production 
abroad, toe packaging in- 
dustry will be cut to a frac- 
tion of its present size. 

The 450 workers at Austen 
Packaging have mounted a 
sit-in at toe plant since last 
Friday. 


A MAJOR attack on the TUC’s 
continued participation in the 
National Economic Develop- 
ment Council — the country’s 
main tripartite forum (Neddy) 
— will be launched at the TUC 
Congress in September. . 

A motion from toe Society of 
Graphical and Allied Trades 
(Sogat) the biggest print union 
to Congress, will call for an end 
to participation and for a 
general review of the union’s 
attitude to tripartism.. 

Leaders of left-led unions 
believe that bitter hostility to 
rhe forthcoming eznployment 
legislation and the continued 
rise in unemployment^ will pro- 
duce a majority at congress for 
withdrawal from Neddy — 
despite present .opposition fay 
centrist and right-led unions 
and. by the TUC itself. 

The move . is a sign of the 
impatience felt by a powerful 
group of unions — including 
toe Transport and General 
Workers’ Union, the country’s 
biggest — over what they see 
as toe deliberate pace of cam- 
paign of opposition to the 
Government It is an attempt to 
quicken its tempo beyond that 
already, agreed by toe TUC 
General Council and by the 
special conference of. union 
executives last month. 


If successful, the decision to 
end participation in toe NEDC 
would mark the first with- 
drawal by toe TUC in the almost 
20 years ot toe council's 
existence. 

Mr Bill Keys, Sogat general 
secretary, is chairman of the 
TUC’s powerful employment. 


-policy and organisation . com- 
mittee which ' Is co-ordinating 
opposition to toe Employment 
Bill, introduced by Mr Norman 
Tebbdt, Employment Secretary. 

A further motion passed by 
the Sogat delegatese calls on the 
TUC to expet any union found 
collaborating with toe employ- 
ment legislation. 

.Mr Keys told bis conference 
yesterday: “We should not be 
participating as a trade union 
movement with the NEDC or 
any of its associated bodies. 
How can we sit down with 
people in tropartite forum and 
talk with a government that has 
put 3m-4m on toe streets?" 

Mr Keys said that toe union 
should “ flight this ' through " 
at Congress, and that it should 
examine ‘toe whole philosophy 
of tripartism " at toe same time. 

Mr Keys championship, of toe 
campaign against tripartism has 
already caused heated discus- 
sions within the TUC and will 
anger union leaders who believe 
that the campaign should con- 
fine itself to the agreed issues 
and that toe NEDC and its sec- 
toral committees and working 
parties are valuable to the 
unions. 

In his speech, Mr Keys told 
delegates that they would be 
instructed under the discipline 
of toe rule book not to obey the 
Jebbit Act 

In particular, they should 
maintain all closed shops— -a 
standard feature of toe British 
industry— and seek to extend 
them. Members should not par- 
ticipate in the closed shop bal- 
lots called for under the 
legislation. 


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We think ctf it as a business forum 


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We will come flying! 



Drug group 
staff win 
14.5% rise 


By Our Labour Staff 
THE ASSOCIATION of 
Scientific, Technical and 
Managerial Staff has won a 
pay rise averaging 14.5 per 
cent for 4.000 white-collar 
staff of the Wellcome pharma- 
ceutical company. 

An II per cent increase on 
basic, which goes to all 7,500 
Wellcome employees, is 
supplemented for the white- 
collar staff by a 3 to 4 per 
cent merit increase, and a 3.6 
per cent increase in pension 
entitlement. 

Mr Roger Lyons. ASTMS 
national officer, estimated toe 
total increase at 18 per cent 
which " he said would be 
treated as a pace-setter In the 
industry. 

Sommer flights threat 

MORE THAN 1.500 engineer- 
ing and maintenance staff at 
Heathrow airport have voted 
to give shop stewards the 
power to call sadden stop- 
pages at peak holiday week- 
ends this summer. 

The Amalgamated Union of 
Engineering Workers has put 
in a claim for a substantial 
pay increase, bat British Air- 
ways has said that no pay 
offer can be made until 
September. 

Saturday banking 

MR JACK BR1TZ, general 
secretary of toe Clearing 
Bank Union, will be writing 
to Barclays to complain that 
their derision to open 400 
banks on Saturday breaks a 
national working arrangement 
from 1968. and also contra- 
venes the national agreement 
on the 35-honr week. 

The CBU. -who represent 
over half of Barclay's 70,000 
clerical staff win he rasing 
the issue at the next Joint 
National Committee. 

Sugar beet harvest 

UNION LEADERS ha pe threat- 
ened to halt this year’s sugar 
beet harvest at the British 
Sugar Corporation's 13 pro- 
cessing factories, unless toe 
company improves Its pay 
offer which the main union, 
the Transport and General 
Workers Union, estimates at 
5 to 8 per cent. 

A conference representing 
about 5,000 process workers, 
foremen and clerical grades at 
all 16 BSC factories rejected 
the offer. The eompany esti- 
mate the offer — taking into 
account last years 39 -hoar 
week deal — to he worth 8 to 
II per cent 

Building pay package 

NEGOTIATORS for half a 
million construction workers 


Call for shop 
stewards 
aboard ships 


By-Brian Groom, Labour Staff 




THE NATIONAL UNION of - 
Seamen is to press employers : 
to accept a system of shop 
stewards oh ships with wide- 
ranging rights of negotiation . 
and consultation. 

The union’s biennial delegate 
meeting at Tenby. Dyfed, agreed 
to; set up ship board branches -" 
in a radical extension of its 
shore-based organisation. : ~ 

The aim is to cure the 35, 000- 
strong union’s longstanding 
problems of apathy by members, 

75 per cent of whom are at sea f , 
at any time. - j Mjy’jiV 

Mr Jim Slater, general sec- 
retary, said it would strengthen , 

members’ ability to take collec- ’ • ‘-L s 

tive action on issues which - 

immediately concerned them. 

The union will, urge indi- 
vidual companies to sign vari- - 
ants of a model agreement on ■- - 
representation, covering day-to- : - 
day issues aboard ship and • .- 
company-wide issues such as : 
negotiations on terms and cpn- ; 

di tarns of employment. 

This could have considerable 
bearing on present moves to 
depart . from the industry’s -.-r ~ . 
national wage agreements. Pro- : \ .. 
posals for separate pay talks i : 
have been made by UK ship- 
owners, including BPi Furness 
Withy and Ocean Trading and 
Transport. 

The companies wanted to be 
exempted from national strikes - . 
and other industrial action aris- . . 
ing from disputes with other r '"- 

owners, and would pay wages 
above nationally-agreed levels. v 

1 The union is committed in 
! principle to separate talks, bur 
j is worried that toe “no strike 1 ' 

; clause could take away its 
j national strength. However, it 
! reached a deal with Esso 
! earlier this year which included 
l the pledge on industrial action. 

Strengthened in-company re- 
presentation might be seen as a 
necessary safeguard from 
dangers of company-by-company 
bargaining. 

Seamen in a number of com- 
panies, particularly in the ferry 
ports, already have representa- 
tion and bargaining arrange- 
ments. 

The NUS fears that moves'-by 
some employers, particularly in 
j the deep-sea sector, for consul- 
tative procedures on their own 
terms will result in “ sweet- 
heart unions.'* 

NUS affairs have traditionally 
been dominated by ferry and 
“short-sea" members, but' Che 
proposed representative 

arrangements would give new 


% 

k repri.-.. 




V_. 


-V, ‘ 
_ <;■ . 


yesterday accepted a 7.2 peir [ worfc in deep-sea ships, 
cent pay and conditions pack- } " The best and obvious place 

age at a meeting of the j our members could influence the 
National Joint Council for toe } behaviour of employers is on 
Building Industry. board too ship,” Mr Slater said. 


Aslef backs health unions 


BY OUR LABOUR STAFF 


A PLEDGE of solid support for 
health workers taking industrial 
action to back their 12 per cent 
pay claim come yesterday from 
the annual conference of the 
Associated Society of Loco- 
motive Engineers and Firemen. 

Mr Ray Buckton, general 
secretary, praised toe dedication 
of health, service workers -and 
said they were quite justified in 
taking action to defend their 
inadeqnate standards of Hying. 

The conference agreed unani- 
mously to give £500 to the heatlh 


unions involved. 

Most of the 16,000 university 
technicians will start a campaign 
of industrial action- unless a 
".final ” pay offer of 4 per cent, 
and a nil offer for trainees, is 
. improved; 

- The Association of Scientific, 
Technical and Managerial Staffs, 
which represents 80 per cent of 
tchcnicians some of whom work 
on sicentific and medical /re- 
search. says a series of stoppoges 
of a minimum of three hours * 
week will begin next week. 









UK NEWS - PARLIAMENT and POLITICS 





Tebbit Bill 
wins Third 
Reading by 
95 votes 


By Ivor Owen 

SOCIAL DEMOCRATIC Party 
leaders were -.ridiculed by Mr 
_ Norman Tebbit, ihe Employ- 
^ mem Secretary, in the Commons 
=- last night when they refused to 
• r vote for the Third Reading of 
r - the Employment BiU. 

^ ' He said their solution to the 
problem, of avoiding a repetition 
! ~ of the party’s three-way split on 
-*■ the Second Reading — some 
•' voted for the Bill, others against 
a nd some abstained — had been a 
** ** positive and courageous 
-w decision to abstain.'’ 

>v To Government cheers Mr 
v- Tebbit claimed: u The party that 

• - startd off to get the * don’t 
f. knows’ to join them has joined 
f the ’don’t knows’.” 

^ The Bill, which curbs the 

legal immunities of trade unions 
. . and introduces safeguards for 

• . workers who lose their jobs 
. through the closed shop, was 

. • given a Third Reading by 95 
...votes 1319-224). 

The Bill, which received 106 
„ majority on the Second Read- 
ing. now goes to th House of 
Lords. 

Mr Tebbrtt brushed aside 
pledges from the Opposition 
■; from bench that the next 
‘ . .Labour Government would 
_ _ repeal the Bill. 

;. He argued that there was 
more likelihood of the next 
parliament containing a 
*. 1 majority for further measures 
, . of trade union reform — 

. ** perhaps for example to demo- 
cratise the trade unions.” 

He described many procedures 
. _ now used for the election, of 
senior trade union officers as 
.hichly unsatisfactory. 
w : Time and time again, he said. 

‘ there were challenges in the 
courts alleging baHot rigging 
*’ and other malpractices. 

Mr Tabbitt said there had 
also ben instances where trade 
union officials had been elected 
.-.for life on the b-isis of unrepre- 
sentative ballots. 

He urged that the trade 
unions would reform their own 
procedures, but added that he 
hoped they would not try the 
-patience of the public too far 
:"becnuse there would then be 
"irresistible pressure for legis- 
lation.” 

Mr Harold Walker, who made 
the final speech from the 

• - Opposition front bench, re- 
r affirmed Labour’s pledge to 
■- repeal the Bill and all other 
». anti-trade union measures 

which reached the Statute Book 
A . during the lifetime of the 
present parliament. 

^ . He warned that some people 
;; might decide not to obey the 
new law 

• Pension funds 
■ bar sought by 

• underwriter 

By Our City Correspondent 

.PENSION FUNDS should not 

• be allowed to acquire Lloyd’s 
of London underwriting 

" agencies if the agencies are 
•* forced to sever shareholding 
- links with Lloyd’s insurance 
' brokers, a Lloyd’s underwriting 
' agent yesterday told the Lords 
select committee reviewing the 
■■ Lloyd’s Bill. 

' Mr Robert Hiswx, the chair- 
" man of Roberts & Hiscox, an 
•- underwriting agent, which is 
" petitioning to remove from the 
Bill a clause requiring brokers 
" to dispose of shareholding links 
-with underwriting agency com- 
panies, said potential pur- 
‘ -chasers regarded the agencies 
"as a licence to print money. He 
" warned that agents could make 
losses as well as profits. 


BY ELINOR GOODMAN. POLITICAL CORRESPONDENT 


Britain to seek Labour calls for halt to EEC budget contributions 

permanent legal 
Community veto 


BY JOHN HUNT, PARLIAMENTARY CORRESPONDENT 


BRITAIN WILL try to have the 
right to veto on matters of 
national interest permanently 
and legally enshrined in EEC 
procedures. Mr Peter Walker. 
Minister of Agriculture, indi- 
cated in the Coramnos yesterday. 

He told MPs that Mr Francis 
Pym, the Foreign Secretary, will 
press for this at a meeting of 
the Council of Ministers next 
week. 

Air Walker was making a 
statement to the House on the 
dispute over Community agri- 
cultural increases which were 
vote of EEC ministers on Tues- 
day. against the wishes of the 
UK. 

The voting effectively ended 
the " Luxembourg compromise ” 
which gave a member country 
an unofficial right to veto pro- 
posals which it considered to be 
against its nations interest. 

Despite protests from some 
MPs yesterday Mr Walker 
insisted that the 10.7 per cent 
increase had to come inio effect 
today although Britain had 
reservations on certain points 
in the agreement. 

- He refused to give an under- 
taking to anti-Markereer Mr 
Douglas Jay (Lab Battersea 
North) th3t Britain would with- 
hold its budgetary payments 
until the EEC “ breach of 
faith” over the voting pro- 
cedure was reversed. 

Air Walker said that although 
the European Commission was 
delighted by the breach of the 
Luxembourg compromise the 
result would be that something 
“more permanently enshrined 
and legally binding ” would 
have to be inserted into Com- 
munity practice. 

He told Mr Norman Buchan, 
Labour’s agriculture spokesman 
that the power of veto in the 
national interest must continue 
in such a way that “ nobody at 
any time can break that par- 
ticular agreement" 

He said the present "major 
crisis” had created a situation 
where this might well happen. 
It was a matter which Mr Pym 
would be taking up urgently at 
the Council of Ministers’ meet- 
ing next week. 

It was no secret, said Mr 
Walker, that the Commission 
had always been opposed to the 
Luxembourg compromise and 
had favoured majority votiDg. 

He accused the Commission 
of having done everything pos- 


sible to encourage those 
countries using the majority 
vote to get the farm price in- 
crease accepted. 

Mr Walker said the effect of 
the farm price increase was to 
add a quarter of 1 per cent to 
the retail price index in the 
UK in a year and 1J per cent to 
the food price index. The 
benefits to the consumers of 
the beef premium scheme, the 
sheep meat rgime and the 
butter subsidy would be worth 
some hundreds of millions of 
pounds depending on the mar- 
ket situation. 

The settlement was likely to 
mean an extra cost of £900m in 
a full year on the European 
budget, while the additional 
annual cost to Britain was 
about £ 120 m. 

This, he said, emphasised 
the importance of agreement on 
the adjustment of Britain's 
contributions. 

From the Labour backbenches 
there were demands that 
Britain should cow quit the 
Market. From the Opposition 
front bench Mr Buchan said 
the conditions under which 
Britain entered the EEC had 
been broken, and “the whole 
issne of our continuing relations 
in this form will be at issue.” 

Mr Walker rejected demands 
for withdrawal but said there 
was now a strong duty on the 
Community to agree quickly to 
the budgetary changes Britain 
was seeking. 

Considerable concern was 
expressed on both sides of the 
House that having overriden 
Britain on agriculture prices the 
EEC would now do the same 
over the introduction of the 
Common Fishery Policy. 

Mr Teddy Taylor (Con, 
Southend East) asked for an 
undertaking that under no 
circumstances would Mr Walke~ 
accept a majority Community 
vote on this subiect. 

Mr Walker replied: “Yes, T 
confirm that and make it 
absolutely clear now” 

There were taunts from the 
Labour back benches when Mr 
Roy Jenkins (SDP. Hillhead) 
former nresident of the Euro- 
nean Commission, said the 
Luxembourg compromise must 
apply to everybody or nobody. 
There could be no question that 
the compromise could remain 
intact after what had happened 
on Tuesday. 


Williams says blame for 
crisis ‘evenly shared 5 


BY IYGR OWEN 

RESPONSIBILITY for the 
EEC farm prices crisis must 
be "evenly shared ” Mrs 
Shirley Williams, MP for 
Crosby and a member of the 
Social Democratic Party’s 
collective leadership, insisted 
yesterday. 

The “abrasive leadership” of 
the Prime Minister was one 
of the factors which had to be 
taken into account, she said. 

Mrs Williams told a parlia- 
mentary Press gallery 
luncheon: "Abrasive leadership 


is ell very well in its turn, but 
I have to say that toda y ab ra- 
sive leadership by our govern- 
ment has led us to a position 
where we axe becoming 
increasingly isolated from oar 
friends mid allies and tiiat in a 
world where we desperately 

need them both.” . 

She agreed that the govern- 
ments of Fiance and West 
Germany had not been right to 
suppert the moves which pre- 
vented Britain vetoing Ihe farm 
price agreement. 


Heseltine still undecided 
over penalising councils 


BY USA WOOD 


Whisky import 
rules reprieved 

By Ivor Owen 

N A MOVE which will allay 
nxieties expressed by the 
cotch Whisky Association, the 
love rumen t is to defer phasing 
ut restrictions on importing 
pints which are less than three 
ears old. , _ 

Mr Jock Bruce-Gardyne, Eco- 
omic Secretary to the 
! reasury, yesterday gave an 
ndertaking to the Commons 
Eanding committee considering 
3 e Finance Bill that a proyi- 
lon designed to end the restric- 
ons on delivery of immature 
airits for consumption in the 
K by March 1, 1985, will be 
ianged. , ^ . 

The effect of amendments to 
e introduced at the Report 
tage of the Bill will he to defer 
idefinitely the abolition of the 
istrictions. 

Under UK law whisky must 
e matured for at least three 


MR Michael Heseltine, Secre- 
tary of State for the Environ- 
ment. said yesterday that he 
was still considering whether 
to penalise local authorities 
across the board for over- 
shooting government spending 
targets for 1982-S3. Between 
them the councils are set to 
exceed the targets by £1.4bn. 

He gave no indication to local 
authority - representatives at the 
Local Government Finance Con- 
sultative Council when a deci- 
sion would be made. The £1.4bn 
is 7.5 per cent over Government 
targets. 

Mr Heseltine said overspend- 
ing councils would lose some 
£3 15m in rate support grant for 
1982-83 and £200m for over- 
spending in 1981-82 under the 
existing scheme for grant 
abatement announce*! last De- 
cember. . , . 

“ I am also considering 
whether to make a further re- 
duction in grant across the 
board. I shall announce my 
decision on this shortly.” be 
said. Any reduction in grant 
"across the board” would hit 
all councils equally, not just the 


overspenders. 

Although Mr Heseltine did not 
specifically ask - for local 
authority budgets to be revised 
he hoped they would review 
spending plans during the year 
in the light of the proposed 
holdback of grant “in order to 
minimise their grant loss and to 
protect their ratepayers from 
further substantial rate rises 
next year.” 

Mr Jack Smart, chairman of 
the Association of Metropolitan 
Authorities said: "We deplore 
the uncertainty of the Secretary 
of State not making a decision 
today.” 

He said there was already the 
£315m holdback of grant to off- 
set against the £l.4m overspend, 
while the Government was by 
its system of dual targets 
allowing — without penalties — 
over £530m spending above 
volume targets. 

Mr Ian McCallum, chairman 
of the Association of District 
Councils said: “The 296 districts 
councils are 3.6 per cent over 
government targets. I do not 
want aggregate holdback. I am 
not, however, proposing an 
alternative.” 


LABOUR'S national executive 
committee passed an emergency 
resolution yesterday urging 
the Government to halt all pay- 
ments to the. EEC budget and 
to consider a policy of non- 
co-operation in all EEC 
institutions as a response to 
the European farm ministers’ 
decision on Tuesday to ignore 
the British veto and force 
through price increases. 

But — in a sign of continuing 
tension within the party over 
tbe EEC — Mr Denis Healey. 
Labour's shadow Foreign Sec- 
retary, refused to support parr 
of the resolution. He voted 
against an amendment to the 
motion successfully moved by 
Mr Tony Benn maintaining 
that events in Brussels had 
confirmed the wisdom of 
Labour's policy of withdrawal 
from the EEC. 

Later in the meeting Mr 
Benn had another success when 
he inserted into Labour’s indus- 
trial strategy a commitment to 
give the Bank of England 
radical new powers to take over 
other financial institutions and 


act as the equivalent of the 
National Enterprise Board in 
the financial sector. 

Tbe main purpose of yester- 
day’s meeting was for the 
executive to work its way 
through Labour's programme 
for 1982 which i s to be put to 
conference this year and will 
then form the basis of the 
party's election manifesto. 
Yesterday, in a five-hour meet- 
ing which left some right- 
wingers complaining that they 
had been steamrollered, the 
eexcutive approved the first five 
chapters including the key 
sections on the EEC and the 
economy. 

The chapter on the EEC which 
has already hen discussed at 
length by the relevant sub- 
committee sets out a detailed 
plan for taking Britain out of 
the Community by stages. They 
would begin with the introduc- 
tion of the repeal BiU which 
would amend the 1972 Communi- 
ties Act and end with Britain 
withdrawing from all EEC 
institutions alter an unspecified 


transitional period. The docu- 
ment makes no provision for a 
referendum — the one get-out 
clause which might make it 
acceptable to pro-marketeers, 
within the party. Pro-marketeers 
yesterday failed in a bid to 
insert one at the last moment. 

The party is already com- 
mitted to pulling out of Europe 
by conference votes. The row 
over the veto is likely to 
strengthen anti-market feeling 
within the party and make it 
oven more difficult for pro- 
marketeers to water down the 
commitment to withdrawal when 
the election manifesto is 
eventually drawn up. 

For the most part, theexecu- 
tive stuck to the draft version 
of the programme before it. But 
in the section dealing with 
finance for industry. Mr Benn 
toughened up the proposal for 
acquiring a public stake in tbe 
banking sector. He successfully 
moved a clause which would 
make the Bank of England the 
vehicle for nationalisation in 
the City. 


This would operate alongside 
a " national bank ” and 3 
** national investment bank.” 

The committee also approved 
the formula for renationalisa- 
tion. whit* had caused many 
problems within tbe party over 
the last few months. Under 
normal circumstances, it says 
Labour would establish terms 
of compensation which would 
reflect the true value of the 
assets to be taken into public 
ownership. But in the case 
of “denationalised assets,” it 
says shareholders should be 
repaid — collectively — pre- 
cisely the amounts which were 
paid for the assets at the time 
they were denationalised. 

Tbe document then goes on 
to set out a number of varia- 
tions to this approach, such as 
Uniting tbe denationalisation 
price of the asset either to the 
FT index or "more generously" 
to the retail price index. It 
also raises the possibility of 
allocating the available funds 
" in accordance with certain 
priorities. 


The executive also 'dealt 
with the controversal question: 
of incomes policy. It approved 
the idea of a "national econ- 
omic assessment ’’ which has 
been discussed already at 
length between the TUC and 
the Labour Party. At the last 
meeting of the home policy 
committee, references to the 
need for this assessment to 
cover wages were deleted. But 
But at yesterday's meeting of 
the full executive, the pass- 
anges were restored. 

The final version, therefore, 
talks in terms of a national 
economic asessment having to 
“ embrace such issues - as the 
share of the national income 
going to profits, tD earnings 
from employment, to rents, to 
social benefits and to other in- 
comes. 

It would also, the odcuxneut 
says, have to take a view on the 
movement in prices and costs 
including wages which would 
“support and sustain expansion 
compatible with the party's 
economic and social objectives.” 


Opponents of Prior Bill welcome delay of debate 


ST MARGARET VAN HATTEM, POLITICAL STAFF 


OPPONENTS OF Mr Janies 
Prior’s Northern Ireland devolu- 
tion BiU have been greatly 
heartened by rhe Government’s 
decision to cancel today’s debate 
on its Committee Stage to allow 
for an emergency debate on the 
FalkLands. 

Several Tory hack benchers 
are now openly claiming the 
tacit support of both the Prime 
Minister and Mr John Biffen, 
the Leader of the House, for 
wrecking tactics aimed at ensur- 
ing that the Bill is talked out. 

Mr Prior is expected to press 
hard at a Cabinet meeting later 
today that the Bill’s timetable 
should not he further disrupted 
and that an extra day be 
allotted, if possible next week, 
to make up for time lost today. 

Whether he succeeds wiH be 
dear from the statement out- 


lining next week's business 
which Mr Biffen will make to 
the Commons this afternoon. 

However, some of the Tory 
back benchers, including MPs 
closely associated with Mr 
Biffen and Mrs Thatcher, appear 
confident of further co-opera- 
tion in disrupting the Bill’s 
timetable. It was suggested 
yesterday that the debate on 
the EEC farm prices and budget 
prices, for which Labour is 
pressing, might also be held on 
a day- which would otherwise 
have been allocated to the 
devolution BUL 

The tactics employed by these 
back benchers are similar to 
those used by Mr Ian Gow, Mrs 
Thatcher’s parliamentary pri- 
vate secretary and a staunch 
Unionist supporter, earlier this 


year. Mr Cow’s active lobbying 
against the Bill was widely 
accepted among Tory back 
benchers as carrying the Prime 
Minister's tadt approval until, 
after protests from Mr Prior, 
Mr Gow was instructed to desist. 

So far, other back benchers 
claiming to be lobbying on 
behalf of the Prime Minister 
and Mr Biffen appear to have 
received no such instructions. 

The position of Mr Prior and 
his team of ministers steering 
the Bill through parliament has 
not been helped by the 
deterioration in relations 
between the British and Irish 
governments. 

This deterioration seems to 
be concentrated at the top. 
where the two Prime Ministers 
are letting it be known that 


they see -little point in a 
bilateral summit meeting for 
some time. But signs of aliena- 
tion between the two leaders 
and their respective Foreign 
Ministers appear to be further 
tangling the lines of communi- 
cation. 

The Irish government’s early 
opposition to a renewal of EEC 
sanctions against Argentina, 
together with its role in push- 
ing through this week's farm 
price settlements, has also 
alienated further those Tories 
-with doubts about tbe Anglo- 
Irish aspects of the Bill and 
White Paper. This could greatly 
hinder any attempts by the Gov- 
ernment to meet or even com- 
promise on Labour’s demands 
for further Anglo-Irish 
elements. 

At this stage, the BiU cannot 


be considered to be under 
serious threat. Despite the 
demands on time threatened by 
the Falklands crisis and the 
possibility of a major EEC 
crisis, the Government's legisla- 
tive programme for the rest of 
the session appears relatively 
light 

However, Government deci- 
sions on tbe allocation of time 
over the next few weeks will 
be read as a signal of Mrs 
Thatcher’s and Mr Biffen’s real 
intentions. 

In the meantime, the BiU's 
opponents in the Tory party 
and the various Unionist parties 
are doing their best to ensure 
an all-out filibuster. Together 
with Labour, they have tabled 
already 118 amendments to the 
Bill, some of them exceedingly 
long and complicated. 


Diplock security report ‘reassuring’ 


FINANCIAL TIMES REPORTER 

SECURITY PROCEDURES in 
the pabric service ere to be 
tightened in accordance with 
recommendations made after a 
12-month probe, tbe Prune 
Minister announced yesterday. 

Mrs Thatcher told the Com- 
’. mens in a written answer 
"that recommendations made by 
the Security Commission headed 
by Lord Diplock would be 
. implemented as soon as possible. 

But the Commission’s report, 
- which will be published today in 
■an abbreviated form, ss ‘'gener- 
-ally reassuring ” Mrs Thatcher 
told MPs. 


She added: "Subject to the 
Commission's view about the 
need for an urgent evaluation 
of the risks involved in elec- 
tronic information processing 
and the means of countering 
them. Lord Diplock and his col- 
. leagues conclude that the 
security procedures as they have 
been applied since the Kadcliffe 
Report, in 1962, and consider- 
ably modified and updated since, 
have worked well, and can be 
relied upon to prevent infiltra- 
tion of any of those bodies deal- 
ing with particularly sensitive 
security issues of the kind which 
took place in lhe 1830s and 


1940s” 

Mrs Thatcher said it would 
not be in the national interest 
to publish the report in full 
since substantial portions of it 
concerned the most sensitive 
aspects of security procedures. 

The Diplock inquin' was 
ordered in March last year after 
claims that the late Sir Soger 
Hollis, director general of 
security' services from 1956 m 
1965, might have been a Soviet 

spy- 

It was the first comprehensive 
review of security procedures 
since the Radcliffe Report was 
published in April 1962. 


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frj the US. Uta Ama>ca ertfite Facnic r,s taftcnal Car Berfiai 




Financial Times Thursday May 20 1982 


BST t 


5 


THE MANAGEMENT PAGE: Marketing 


EDITED BY CHRISTOPHER LORENZ 


How Spurs sells soccer 


BY DAVID CHURCHILL 


TOTTENHAM HOTSPUR go 
to Wembley on Saturday for 
the 101st FA Cup Final hoping 
that success on the field will 
encourage a major company to 
fork out about £lm for three 
years' sponsorship of the club. 

For that £lm the sponsoring 
company will get its name 
emblazoned for all time across 
the club's new £4.5m grand- 
stand as well as I for three 
years) across the shirts of a 
football team conservatively 
estimated to be worth around 
£6m in today’s transfer market. 
In addition.’ the £lm wiil buy 
the use of two plush executive 
boxes for rhe next three seasons 
and a host of other special privi- 
leges for sponsors to impress 
clients or reward employees. 


Tradition 


The selling of Spurs has now 
become big business for the 
North London club — at 
Wembley for the second year 
running — with advertising, 
sponsorship, and promotions, 
estimated to have earned it 
more than £2.tfn> this season. 
That may be only about the 
price of one and a half strikers 
in the transfer marker, but for 
Spurs — faced with hefty 
interest payments on the bor- 
rowings for its new stand and 
the need to buy new players — 
it is a more than welcome in- 
flow of funds. 

The fact that Spurs needs this 
extra commercial revenue at all 
is a clear indication of the 
financial pressures facing most 
football clubs at present Spurs 
can still count itself fortunate 
that it is among the few clubs 
making profits. Last season the 
club made a .profit of £512.000 
with net gate receipts thoroe 
and away) of just under £2m. 
Earnings from other sources 
come to over £350,000. This 
season, lengthy runs in three 
cup competitions have been 
very profitable although there 
is no guarantee of repeat 
success next season. 

The steady flow of funds into 
the Spurs coffers from sources 
other than gate receipts and 
transfer deals is all the more 
significant given that it is a 
fairly recent development by 
the club. Ten years ago. for 
example, the club allowed 
virtually no advertising within 
the ground or .in its programme 
and it is only over the past three 
seasons that it has seriously 
attempted to tap the vast com- 
mercial potential of a successful 
First Division football club. 



*• '* * 


Hugh Rout led ge 

Mike Lewis: “ If only 1 could sell the cup final as well 


son of the Duke of Northumber- 
land was one Harry Hotspur). 

At the turn of the century 
it bought, its present ground. 
White Hart Lane, from the 
Charringtofi brewery and much 
of its financial stability has 
resulted from owning this valu- 
able freehold. 


Spurs has been a club steeped 
in tradition ever since it was 
first formed almost a century 
ago (next season is the club’s 
centenary) and played its early 
matches on Northumberland 
Park in North London. (The 
club’s name is believed to have 
come from this association: the 


But by the mid-1970s, roaring 
inflation and spiralling transfer 
fees and players’ wages, forced 
Spurs to change its attitudes 
and to start taking a more 
commercial approach to ex- 
ploiting the club’s potential. 
This change was stimulated by 
poor playing results, which saw 
the club relegated to the second 
division in 1977-78. Apart from 
injured pride, playing in the 
second division meant smaller 
gates and reduced revenue at 
a time when the club needed to 
buy new players to finance its 
return to the elite of British 
football. 

A million pounds was spent 
on three players in the summer 
of 1978— including £750,000 for 
the two Argentinians Ardiies 
and Villa— and the club also 
took the important step of 
appointing Mike Lewis as its 
first ever commercial manager. 
Lewis had previously been a 
fund raiser for charity before 
spending two years as commer- 
cial manager for Newport 
County. 

His brief, he remembers, was 
to boost Spurs’ commercial 
revenues “without at the same 
time turning it into a sort of 
Chipperfield’s Circus." 


Lewis was therefore con- 
cerned not to push Spurs too 
far and too fast into money- 
making gimmicks which might 
damage the club's reputation. 
His first task was to review the 
club's existing advertising com- 
mitments and promotions — he 
quickly brought in a new lottery 
scheme — and to explore the 
potential for match sponsorship. 

Sponsorship is what the name 
of the football game has now 
become wth big clubs such as 
Liverpool, Arsenal, and Man- 
chester United all negotiating 
deals with sponsors which in- 
clude shirt advertising. In 
Lewis's first season, however, 
only about a dozen matches were 
sponsored as the club felt its 
way in this— for Spurs — rela- 
tively new territory. 

However, it soon became clear 
that there was a considerable 
untapped market among com- 
panies of all sizes in the London 
area which welcomed the oppor- 
tunity to entertain guests via 
participation in a major first 
division football club. Match 
sponsors, therefore, have so far 
ranged from the National Giro- 
bank and the Bradford and 
Bingley Building Society- 
through to Hitachi and London 
Transport (the latter because 
many potential bus and tube 
drivers go to football matches.) 

For a fee of between £4.500 
and £7,000 — depending on the 
calibre of the opposition and 
whether or not the match is 
being televised—- sponsors get 


up to 70 seats in the main stand 
plus full catering facilities; five 
pitch perimeter advertising 
sites; use of a sponsorship suite 
equipped with full audio-visual 
equipment; use of other club 
facilities and guest appearances 
by the players. 

- We aim to be as flexible as 
possible <in meeting sponsors’ 
needs,” says Lewis. Arrange- 
ments can be tailored so that 
special presentations or sales 
promotions can be included in 
the sponsorship package. 

Lewis used direct mail shots 
and personal contacts to get the 
sponsorship programme going — 
now he finds that about three- 
quarters of sponsors make 
repear bookings and the 
majority of next season's 
sponsors will be signed up 
within the next few weeks once 
the new fixture list is published. 

But the real cream of the 
club’s sponsorship programme 
is coming from its new execu- 
tive boxes, which it is offering 
to companies at £10,000 a 
season. Each of the 72 boxes 
seats eight people in comfort, 
has full catering facilities, and 
closed circuit television of the 
match as it happens. Advertis- 
ing space around the ground 
and in the programme -is also 
included. 

So far. Spurs has leased some 
44 of the boxes, to such large 
companies as Tesco, Barclays 
Bank, Merrill Lynch, and 
Cannon Assurance as well as to 
smaller local companies — and is 
confident of having every box 
filled most Saturdays next 
season. (Unleased boxes can be 
hired on a match by match 
basis.) When fully utilised, the 
boxes will mean extra revenue 
for the dub of about £700,000 
a season. 



Hugh Rout} edge 


Advertising without razzamatazz 


Borland’s Jack Rubins keeps a low profile. David Churchill explains why 


Lotteries 


This is by far the most lucra- 
tive area of -revenue for Spurs 
(apart from gate receipts and 
transfer fees), followed by 
other more traditional sources 
of revenue such as advertising, 
programme sales, lotteries, and 
catering. Two other ventures 
have been a Spurs shop, selling 
almost every souvenir the ardent 
supporter would ever want and 
a travel agency for away 
matches. 

Somewhat surprisingly, Satur- 
day’s cup final will not be the 
commercial bonanza it could be. 
The clubs are not allowed to 
obtain sponsors for the match 
in the same way as for a league 
or cup game at White Hart 
Lane. Instead, the clubs have 
to rely on the not inconsider- 
able fees from television, gate 
receipts, and the extra sales of 
scarves, rosettes, records and 
other souvenirs. 

“But." adds Lewis somewhat 
wistfully. “ if only I bad a free 
hand to sell the cup final to our 
sponsors as well ” 



JACK RUBINS is most unlike 
the popular image of an adver- 
tising agency chief: he neither 
courts publicity nor leads a 
flamboyant lifestyle. In the 
same way Dorland, his agency. 
does not go in for the sort of 
aggressive trumpet-blowing that 
is the h allmar k of a number of 
other agencies. 

Yet Dorland — for all its low 
profile — -has crept steadily into 
the top 20 of UK advertising 
agencies in the past couple of 
years with a growth rate only 
marginally below that of Allen 
Brady and Marsh — another high 
flier of recent years and an 
agency whose popular image is 
the exact opposite of Borland's, 

Dorland' s billings in the first 
quarter of this year (according 
to the MEAL analysis of Press 
and television expenditure) 
were up by over 53 per cent on 
the same quarter of last yeaT— 
the fastest growth rate for any 
of the top 10 agencies. 

Dorland’s steady growth 
since 1976 can be attributed to 
Rubins’ distinctive and tightly- 
controlled management system, 
rather than to the spectacular 
acquisition of new accounts. 

It was this management style 
that attracted the Saatchi 
brothers to make a successful 
bid for Dorland last summer- 
in a deal worth up to £5.6m — 
to complement Saatchi and 
Saatchi, Garland-Compton and 
also to give Saatchi a broader 
base from which to launch its 
U.S. acquisition of Comptons 
this spring. 

The Saatchi brothers were 
apparently only too witting to 
take on Dorland purely as an 
investment and to bolster their 
overall penetration of the UK 
advertising market They have 
no intention, says Rubins, of 
trying to merge any of the 
Dorland operations with those 
of other agencies In the Saatchi 
group. 

“ Borland's autonomy and 
freedom to operate have in no 
way been encroached upon by 
the takeover," maintains 
Rubins. 44 In fact, neither 
Maurice nor Charles (Saatchi) 
has as yet been into our 
offices." 

An indication of this free- 
dom is that Rubins is actively 
considering the acquisition of a 
U.S.-based agency to give 
Dorland the international 
coverage needed to service 
some of its larger clients. The 


fact that Saatchi— by its take- 
over of Comptons in March — is 
now the ninth largest agency 
group in the world does not 
preclude Dorland’s own expan- 
sion overseas, says Rubins. 

After an initial period of un- 
certainty for both staff and 
clients after the Saatchi take- 
over of Dorland. Rubins says 
that the “message about our 
autonomy seems to have got 
across.” He claims that the 
agency is now getting "more 
enquiries from potential new 
clients than ever before." 

Borland’s growth rate in the 
past six years — since Rubins 
took over as chief executive — 
has been equally impressive. 
The agency moved from 18th 
position in 1976 with MEAL 
billings of £8.4m to ninth last 
year with billings of £31.8ra. 
Over the same period only 
Allen, Brady and Marsh has 
risen faster— from 17tb place 
and hillings of £9m in 1976 to 
seventh place last year with 
billings of £33.Sm. 


Asset strip 


Frozen food is 


a hot market 


BUOYANT DEMAND for new 
types of frozen foods, such as 1 
oven chips, potato waffles, and 
frozen pizzas, helped push 
frozen food sales up sharply 
last year after some sluggish- 
ness in previous years, accord- 
ing to a new report from Birds 
Eye. 

Sales of frozen food for the 
domestic market fell just short 
of the magic £lbn total, with 
sales of £999m last year. This 
was an increase of about 15 per 
cent in value on 19®) while, in 
volume terms, the growth was 
about 12 per cent 

The frozen food catering mar- 
ket, about a quarter of the size 
of the domestic frozen food 
market, fell in volume by about 
4 per cent — mainly because of 
the recession — although the 
total value of sales rose from 
£23 Om in 1980 to £237 m last 
year. 

Much of the overall growth 
of frozen foods over the past 
decade— sales value of frozen 
foods has risen much faster 
than for food sales in general 
—is due to the increase in 
domestic freezer ownership. 
Some 54 per cent of all house- 
holds now own a freezer or 
fridge/freezer, and Birds Eye 
predicts that this will rise to 
about two-thirds of households 
bv 1985. 


The leading agency in terms 
of MEAL billings was JWT last 
year, with billings of £78.1m, 
while Saatchi and Saatchi came 
second with £?0.4m. In the 
“Campaign" magazine league 
table of total billings, Dorland 
came tenth last year with 
billings of £46m, although 
Saatchi's came out on top with 
reported hillings of £101m. 

Borland's growth over the 
past six years has been even 
more remarkable given the low 
morale within the agency in the 
early 1970s following its short 
ownership by John Bentley’s 
Barclay Securities in 1971. 
Dorland was a fairly sleepy, 
publicly-quoted advertising 
agency which Bentley was able 
to acquire and then strip of its 
property assets — as • was the 
vogue in the early 1970s. 

The effect of those traumatic 
months in 1971 took some years 
to shrug off — during which time 
Rubins impressed his effective- 
ness on the agency and worked 
his way to the top job by 1978. 
His style was Immediately 
effective as billings rose from 
the 1976 level of £8.4m to 
£13.3m in 1977. 

Rubins sees himself very 
much in the motivational role in 
the agency: it is his job to 
create the framework for the 
creative talents to work at their 
best. It is for this reason that 
he has deliberately kept a low 
profile, although there is a sus- 
picion that he is enough of a 1 
workaholic to prefer the intri- 1 
cacies of agency life to taking 1 
a front role in the razzamatazz , 
of the advertising world at | 
large. 


Certainly, Rubins does not 
demur firom being -compared 
with that other famous JR of 
TV’s soap-opera, fame. He 
happily sees himself as the 
behind the scenes wheeler- 
dealer. rather than a straight- 
forward front man— although he 
obviously is out of tame with 
some of the more sordid sides 
of the other JR’s complex: 
character. 

The marketing director of a 
large company which uses Dor- 
land tellingly describes Rubins 
as being “ like a mafia chieftain 
surrounded by his young lions." 
Certainly, the Rubins’ style, is 
to encourage a tightly-knit 
family atmosphere within "the 
agency. 

Rubins takes great pride in 
crea ting the right balance 
between the creative and other 
departments within the agency. 
He strongly believes that over, 
elaborate management struc- 
tures are unnecessary in an 
agency of Dorfand’s size (about 
250 employees in total); he also 
believes in buying in talent 
when it becomes available, 
rather than waiting for the work 
to come in before trying to find 
good people. " I’ve found that if 
you take on talented people, 
then the work usually fallows," 
he adds. 

Rubins also tends to move 
staff around within the agency 
more than is usual for an 
advertising agency. This tactic 
has two aims: first, it helps 
keep staff happy by giving them 
new - opportunities; and, 
secondly, it stops them getting 
too dose to the client and 
perhaps losing some of their 
judgment 

Agency employees who stay 
with one account too’ long also 
have a strong desire to “pinch " 
the account and set op on their 
own — hence the profusion of 
new agencies that are spawned 


every year. By encouraging 
internal staff mobility, Rubins 
manages both to defend 
Dorland’s major accounts and 
to allow employees to develop 
their careers within one agency. 
(Rubins himself, now 50, has 
spent all his advertising career 
with Dorian ds since he joined 
in the late 1940s.) 


Rubins, however, iwainfari-na 
that his employee policies 
increase rather than weaken the 
closeness of the agency’s rela- 
tionship with clients. Rubins 
believes that diems are 
encouraged to feel that they are 
getting the attention of the 
whole agency in dealing with 
their particular marketing 
problems, rather than the views 
of a small select team. More- 
over. he says that his policy 
of seeking talented people at all 
levels ensures “we can match 
our clients tip with the best 
people throughout the company 
and not just at the top.” 

Rubin's management style 
obviously works— judging by 
the growth in billings. But It 
has not been ail plain, sailing. 
In the first couple of years <tf 
Rubins’ reign, the company's 
management control systems 
were inadequate for the 
increased business, thus affect- 
ing operational efficiency. 
Rubins points out that the 
problem was they had been 
designed to administer an 

agency with hillings of £10m 
which was {rapidly doubling and 
trebling the size of its business. 

The solution to the manage- 
ment control break-down was 
more an application of sound 
principles and common sense 
than anything magical. “ It was 
simply a matter of persevering 
until we got the control systems 
along the right lines and taking 
on the right people to ensure 
that we didn't get caught out 
again," he says. 


m 


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nmm mm 


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I 11 


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ENTRY 

VOUCHER 


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asiEI 


It! 


A 


6.40-7 JJ5 am Open University 
'■'(Ultra High .Frequency only). 
9.05-11.50 For' Schools. Colleges. 
li30 pm News After Noon, ijw 
„ Pebble Mill at One. L45 Ciiock- 
a-Block. 2.00 You and Me. 2.15- 
SXtO For .Schools,- Colleges. 3.53 
Regional News (exj.-ept London). 
3.55 Play School 4L2D The Drak 
■ Pack. 4.40 -The Xdttlest Hobo. 
5.05 John Craven's News round. 

5.10 Blue Peter. • 

5 A0 News, 

6.00 Regional News Magazines. 

- 6425 Nationwide. - 

, 7.00 Tomorrow’s World: The 
latest /from the world of 
' science and technology. . 

,742S Top. q£ the Pops wjUi 
Peter.' Powell. 

8.00 It Ain’t Half Hot Mum: 
comedy series starring 
Windsor . Davies and 

' Melvyn Hayes. 

8*30 Sorry!: Cmnedy series 
starring Ronnie Corbett. 

9.00 News. 

9.25 The Richard Dirableby 
Lecture: Garret Fitzgerald. 
. 10.15 Question Time with 
ZfUdovic Kennedy. 

11.18 News Headlines. 

• 1120 Fame: Keith Castle 

: Britain’s longest heart 

transplant patient. 


All IBA Regions as London 
except at the following times-. — 

ANGLIA 

1.20 pm Anglia News, 2.00 Not For 

- Woman Only. 3.45 Never tht Twain. 
4.20 Fangfaca. 4,45 Tha Adventures 
of Slack Beamy. 6.00 About Anglia 
fi.20 Arena. 6.35 Crossroads. 7.00 

- Survival. 10.46 Snooker ‘82. 11.30 

Lou Grant. 1245 am The Ascension. 

BORDER 

1.20 pm Border News. 3.45 Never 
-.tire Twain. 4 JO Palmerstown USA. 
■ 5.15 University Challenge. 6.00 Look- 
.around Thursday. 6.35 Crossroads. 

7.00 Emmertiele Farm. 10.45 Pro- 
1 Celebrity Snooker. Tl 30 Bizarre. 12.00 
Border News Summery. 

CENTRAL 

12.30 pm The Young Doctors. 1.20 
Central News. 3 f 45 Never tha Twain. 
4420 Sport Billy. 4.45 Jason of Star 
Command. S.15 Arthur C. Clarke's 
Mysterious World. 6.00 Crossroads. 

6.25 Central News. "7.00 Emmordale 
• Vjrm. 10.45 Venture. 11.15 Central 
News, til-20 Starring Richard Burton: 
. ■' Tha Night Of Tho iguana." 

CHANNEL 

1.20 pm Channel Lunchtime News. 
What's On Where and Weathar. 3.45 


Chris Dunkley : Tonight’s Choice 

Contrary to the TV Times billing the Thames series on 
Palestine The Longest War does not start tonight. It has been 
postponed in order to keep TV Eye on the air during the Falk- 
land crisis. Consequently the three-way programme clash at 
9 *30 is less acute than it might have been. 

On BBG-l the tenth Richard Dimblcby Lecture Is given bv 
Dr Garret Fitzgerald, former Prime Minister of Eire. He wih 
be speaking about “ Irish identities " and suggesting ideas for 
an evolution towards a new Ireland. Addressing M My British 
audience” he says, inter alia: “1 do not of course impute 
collective inherited guilt, but I think that we in Ireland 
have a right to ask that you and your political leaders 
give more of your thought and your time than you have done 
over most of the past BD years with a view to resolving a problem 
which is, iifier all, a British creation.'’ 

BBC-2’s offering at 9430 is The Cambridge Footlights Revue, 
a title which today must seem to those involved like a distinctly 
two-edged sword — useful to start with a name so widely known, 
but awfully inhibiting, surely, to realise that your useful efforts 
are being compared to those of Jonathan Miller, Peter Cook, 
Dudley Moore, John Cleese, Graham Chapman, Eric Idle, etc. 


11.00-11415 Play School. 

1,45 pm Racing 

5.10 The Great .Rebuilding- 
5435 Charlie Chaplin in 

Behind The Screen.” 

6.05 The Great Egg Rave. 

6.35 The Old Grey Whistle 
Test. 

7.10 Sorry Mate, I Didn't See 


Never the Twain. 5-20 Crossroads. 

6 .00 Channel Report. 6.15 The 
Incredible Hulk. 7.00 Benson. 10.43 
Channel Late News. 10.50 Msnnuc. 
11-45 in Concert. 1.00 am News end 
Weather in French. 

GRAMPIAN 

5.30 am First Thing. 1.20 pm North 
News. 3.45 Novor the Twam. 6.00 
North Tonight. B.30 Police News. 6.35 
Crossroads. 7.00 Private Beniamin. 

10. 45 Bizarre. 11.15 Caver to Cover. 

11.45 Love American Stylo. 12.15 am 
North Headlines. 

GRANADA 

1.20 pm Granada Reports. 1.30 
Exchange Flags. 2.00 Crown Court. 

2.30 Yesterday. 3.45 Mover ihe Twain. 

4.20 Here's Boomer. 4.50 Lutlo House 
on the Prairie. 6.00 This Is Your Right. 
6.05 Crossroads 6.30 Grjn»d* Report*. 

7.00 Emmerdale Farm. 10.45 Clubland. 

11.15 Benson. 11.45 What the Papers 
Say. 12.00 Lote Niqhi From Two. 

HTV 

1.20 pm HTV News. 3.45 Never the 
Twa>n. 4.15 Here's Boomer. 4-45 The 
Flying Kiwi. 5.0 5 Joblin*. 5.15 Benson. 

6.00 HTV News. 8.36 Crossroads. 7.00 
Emmerdale Farm 10.43 HTV News. 

10.45 Scene ’82. 11.30 Lou Grant. 

12.30 am What the Papers Say. 


You. 

7415 News Summary. 

7.40 Travellers in Time. 

8 JO Human Brain. 

9.00 Call My Bluff. 

9.30 The Cambridge Footlights 
Revue. 

10.20 Brass Tacks Reports. 

1 LOO- 11 .50 NewsnighL 


HTV Cymru/Welea — Aa HTV West 
except: 9 35-9.50 am Wales and the 
Sea. 11.22-11.37 Yn Eu Cynefln. 12.00- 
12.10 pm Mistair Clef. 4.15 Murphy's 
Mob. 4.45-5.15 Ser. 6.00 Y Dydd. 
6.154135 Report Wales. 10.45 Sports 
Arena. 11.45-12^45 am Lou Grant. 

SCOTTISH 

1.20 pm Scottish News. 3.45 Never 
the Twain. 4.20 Jangles. 4.50 Sport 
Billy. 5.20 Crossroads. 6.00 Scotland 
Today. loltowed by Bodylino. 6.30 
Benson. 7.00 Emmordale Form. 10.46 
Scaapan Quit. 11.15 Maybe Tomorrow. 
11.50 Seachd Leithean. 12.16 am Lato 
Call. 12.20 Barney Miller. 

TSW 

1.20 pm TSW News Headlines. 3.45 
Never the Twain. 5.15 Gus Honey bun's 
Magic Birthdays. 5.20 Cross roods. 6.00 
Today South-Wear. 6.30 Scene South- 
West Special, 7.00 Benson. 10.47 
TSW Late News. 10.50 Monnlx. 11.45 
Superstar Profile. 12.10 am Postscript. 

12.15 South West Weather. 

TVS 

1.20 pm TVS News. 2.00 Not For 
Women Only. 3.4S The Cuckoo Waltz. 

5.15 Watch This Space. 5.30 Coast To 
Coast. 6.00 Coast To Coast (con- 
tinued). 6.35 Crossroads. 7.00 Emmer- 
dele Farm. 10.45 In tho Mouth' ol the 


9.35 am Schools Programmes. 

12.00 Gammon and Spinach. 12.10 
pm Get Dp and Go! 12.30 The 
Sullivans. 1.00 News from Peter 
Sissons, plus FT lodes. 1-20 
Thames News with Jane Corbin. 

1.30 Crown Court. 2.00 Alter 
Noon Plus: Today's programme 
focuses on multiple sclerosis. 

2.45 Cribb. 3.45 Survival. 4J5 
Bugs Bunny. 4.20 Little House 
nn the Prairie. 5.15 Emmerdale 
Farm. 

5.45 News. 

6.00 Thames News 

6.30 Thames Sport: Derek 
Thompson, Allan Taylor 
and Simon Reed reflect 
the sporting scene at 
home and abroad. 

7.00 Never the Twain starring 
Donald Sindcn and 
Windsor Davies. 

7.30 Spooner's Patch. 

8.00 Falcon’s Crest starring 
Jane Wyman. 

9.00 Shelley starring Hywel 
Bennett. 

9.30 TV Eye Special on the 
Falk lands crisis. 

10.00 News. 

10.45 Hill Street Blues. 

11.45 Ladies' Man. 

12.10 am What the Papers Say. 

1225 Close: Sit Up and Listen 
with' Michael Hordern. 

f Indicates programme In ■ 
black and white 


Dragon. 11.16 Strumpet City. 12.15 
am Company. 

TYNE TEES 

9.25 artl Tha Good Word. 9-30 North- 
East Nows. 1.20 pm North -Eiwt News 
and LoDka round. 3.45 Never the Twain. 

4.15 Cartoon Tima. 420 The Lone 
Ranger. 4.50 Voyage to the Bottom of 
tho Sea. 6.00 Nonh-Eost News. 6.02 
Crossroads. 6.25 Northern Ule. 7.00 
Eflmmsfdcle Farm. 10.45 North -East 
News. 10.47 Job Slot Extra. 10.52 Best 
of Throo. 11-20 Come In. 11.45 Bizarre. 

12.15 am Let's Ceiobreto Ascension 
Day. 

ULSTER 

1.20 pm Lunchtime. 3.45 Never the 
Twain. 4.13 Uletar News. 4.20 Pslmera- 
town. 5.15 The Sounds ol . . . The 
Reynolds Family. 5.30 Good Evening 
Ufa tor. 6.00 Goad Evening Ulster. 6.28 
Police Six. 8.35 Crossroads. 7.00 
Emmerdale Farm. 10-44 Ulster Weather. 

11.45 News st Bedtime. 

YORKSHIRE 

1.20 pm Calendar News nnd Weather. 
3.46 Nover the Twain. 4.20 Sport Billy. 

4.45 Little House on the Prairie. 6.00 
Calendar (Emlay Moor and Belmont 
editions). 8.35 Crossroads. 7.00 
Emmerdale Farm. 11.40 Crown Green 
Bowling. 


Denning on law reform 


BY A. H. HERMANN, LEGAL CORRESPONDENT 


ENGLISH commercial law may 
not be the commercial law of 
the entire world but it is cer- 
tainly respected and. used by 
a great pan of it. This is a 
Consequence of the great role 
played by Britain as a trading 
no lion but English judges can 
also claim that it is their doing. 
Not all oF them perhaps, but 
certainly that breed which has 
always been more interested in 
seeking what is practical and 
fair than in legal engineering. 

■* And Lord Mansfield excelled 
in doing tins with the great 
body of commercial law. Before 
his time all the evidence in 
mercantile cases was thrown 
together . . . Lord Mansfield 
set to work to find out the 
general principles ... He laid 
down the principles of insur- 
ance and of bills of exchange 
and cheques and other com- 
mercial subjects in such a satis- 
factory manner that they have 
spread throughout the com- 
mercial communities of the 
world . . . He Infused the 
principles of equity and good 
conscience into the rigid 
formulae of our law." 

Lord Mansfield was censured 
by his contemporaries for upset- 
ting positive rules of law by 
his “ own unsettled notions of 
equity and substantial justice." 
Lord Denning, from whose new 
book*, published today, the 
above . appreciation of Lord 
Mansfield is taken, has been 
similarly censured. 

The new book, appearing in 
quick succession after his three 
bestsellers, is Tom Denning’s 
powerful answer to such 
criticism. Speaking extra- 
judicially. he can be. and is. 
quite blunt. The dialogue with 
his critics is not in the realm 
of theory but is focused on 
individual cases and decisions, 
some quite recent and still 
fresh in the public's mind. He 
slips into generality when 
extolling the virtues of judges 
and those are the weakest spots 








Lord Denning 

of the book. True, Parliament 
is much to blame for neglecting 
law reform, but would there be 
so much need of it if the other 
strain of judges, those who 
differ from Mansfield and Den- 
ning, did not perpetuate the 
quirks of law which they 
practise as a de-hum anise d, 
logical exercise? 

The book is called What Next 
in Ihe Law, and presents 
simply, but vehemently, an 
agenda for law reform. It is 
not a maximal programme; 
rather one which the present 
Parliament could find palatable 
if ever it found the time to 
taste it 

For example, when dealing 
with the jury, it is far from 
Lord Denning to say (and 
probably to think) that it 
should be abolished altogether. 
Instead, he puts forward pro- 
posals on how it should be im- 
proved. The *’ peremptory’* 
challenges of jurors, to achieve 
a favourably disposed jury, 
should be abolished. Instead, 
a panel from which jurors 
would be takes should be 
selected so as to achieve a fair 
representation of sexes, age 


groups occupations and colour ment have produced a laugh* 
of skin. Minor cases, such as able little mouse in the shape 
shoplifting and breaking of of nine clauses tucked away 
windows, should not be allowed among many other topics. . . . 
• to go before the jury but should Nothing to remedy the in* 
be tried by magistrates, and in justice to the child or grown-up 
complicated cases of fraud and who is injured by another 
business crime there should person’s negligence but has no 
either be special jurors of the witness . to prove it. Nothing 
City of London or, alternatively, done to institute a system of 
a judge with assessors. no-fault liability. Not h ing done 

Lord Denning’s views on the to introduce periodic payments, 
shortcomings of legal aid have Nothing done to reappraise 
come in time for the second the principles on which dam- 
reading of the Legal Aid Bill ages are to be assessed. Five 
next week. Lawyers’ groups years in the lives of Lord 
support an amendment which Pearson and his colleagues h ave 
would provide for appeals been spent In vain. Scurvy 
against magistrates’ refusal of treatment by an ungrateful 
legal aid. This is probably Government.” 
necessary to streamline the Tom Denning remembers 
decisions — a defendant wbo what Lord Justice MacKinnon 
appeared in Slough in I960 was told him when, as a young 
28 times more likely to be barrister, he won a libel case 
refused legal aid than one by legal sophistry. "We sit 
appearing in Reading— but here to administer justice and 
there are also other problems, not to supervise a game of 
Legal aid should be extended forensic dialectics." ■. Now he 
to those in the middle range of wants all technicalities in libel 
incomes who, for all practical actions to be abolished, trial-by- 
purposes, are now barred from jury to be discretionary and 
courts. Lord Denning argues, legal aid available. The Press 
However, legal aid should be should have the defence of 
granted with circumspection "fair information on a matter 
and not be used so as to exert of public interest,” but to 
undue pressure for settlement; counter the abuse of its powers, 
nor to run up the costs in exemplary damages should be 
extravagant fees or expenses, allowed. And in every case 
If the assisted person loses, the liability should depend on the 
legal aid fund should pay the intention of the publisher and 
costs of the unassisted person, on the natural and ordinary 
Lord Denning sees that legal meaning of the words, 
aid helps not only the litigant There is much more in the 
but also the lawyer. One can book; judges should recognise 
add: the first purpose is the a right of privacy. There is no 
more important one. need for a Bill of Rights, and 

The Administration of the European Convention on 
Justice Bill, discussed in this Human Rights should not be 
column under the headline- n»*e a part of English law.. It 
“Missed Chance for Law would confuse and breed htiga- 
Reform,” is bitterly criticised tion. And there is a disserta- 
by Lord Denning for the Don on the theme: “Denning 
"scurvy treatment” which it js an ass." He ends: "In this 
gave to the recommendations of book I have stood the law on its 
the Pearson Report on Damages bead — in the hope that you may 
for Personal Injuries. “ Out of help to get it the right way up." 
the monumental report of the nJJJE ^ SnUZJSZ % 2 % d 
Royal Commission, the Govern -£SA5. 




(S) stereo broadcast (when 
broadcast) on VHF) 

RADIO 1 

5.00 am As Radio 2. 7.00 Mika Read. 

9.00 Simon Bares. 11.30 Dave Lee 
Travis. 2.00 pm Stave Wright. 4.30 
Pater Powell. 7.00 Walters' Weekly. 

-E.00 David Jansen. 10.00-1200 John 
Ptel (S). 

RADIO 2 

- 5.00 am Ray Moore (S)- 7.30 Tarry 
V/wren (S). 10.00 Jimmy Young IS] 
'12.00 Gloria Hunntford (SI. 2.00 Ed 
Stewart (5), 4.00 David Hamilton (S). 

5.45 News: Sport. 6.00 John Dunn (S). 

8.00 Country Club with Willy Whyton 

fSj. 9.00 Atnn Oelf with Big Band 
Sound (S). 9.S5 Spans Desk. 10.00 

The New* Huddltnes. 10.30 Star Sound 
Ewa wuh Nick Jackson 11.00 Brian 
Matthew with Round Midnight (stereo 


RADIO 


from midnrgbt) . 1.00 am 'Encore (5). 
2.00-5.00 You and the Night and the 
Music (S). 

RADIO 3 

6.55 am Weather. 7.00 News. 7.05 
Morning Concert (S). 8.00 News. 8.05 
Morning Concert (continued) 9.00 
News. 9.05 This Weak's Composer: 
Schubert (S). 10.00 Strau9s: Symphony 
No. 2 in E lie! (Fro Jilicbe Workman) 
(S). 10.45 French and Italian Music 

ol Ihe 16th century (S). 11.20 Scottish 
National Orchestra fS). 1.00 pm Hawn. 
1.05 Bristol Lunchtime Concert (S). 

2.00 '* Israel in Egypt," oratorio by 
Handel (S). 3.4S Chopin'e Piano (S). 

4.00 Elgar: Symphony No. 1 (S). 4.55 


News. 5 .00 Mainly Far Pleasure (5). 

7.00 Dvorak: Symphony No. 2 (S). 0.00 

Gulliver's TibvbIj by Jonathan Swill, 
dramatised in (our pahs (S). 9.30 

Music (or Two Violins (S). 10.05 Music 
In Our Tima (S). HAD News. 11.05- 

11.15 Walter Glcaeklng (S). 

RADIO 4 

5.00 am News Briefing. 6.10 Fannina 
Today. 6-25 Shipping Forecast. 6.30 
Today. B.33 Yesterday in Parliament. 
8.57 Weather, travel. 9.00 News- 9.05 
Checkpoint. 9.30 The Living World. 

10.00 News. 10.02 As It Happens. 

10.30 Daily Service. . 10.45 Morning 
Story. 11.00 News. 11.03 Shipwreck. 
11.48 Enquire Within. 12.00 Nows, 


12.02 pm You and Yours. 12.27 Brain 
of Britain 1982 (S>. 12.55 Woather. 
travel, progmmmn news. 1.00 The 
World at One. 1.40 The Archers. 1.55 
Shipping Forecast. 2.00 News. 2.02 
Woman's Hour. 3.00 News. 3.02 
Aitemoon Theatre. 3.50 Holy Com- 
munion pn Ascension Day (S). 4.40 
Story Time. 5-00 PM: News magazine. 
6.50 Shipping Forecast. 5.55 Weather, 
programme news. 6.00 News, including 
Financial Report. 6.30 Any Answers? 
6.54 It's a Bargain. 74)0 News. 7.05 
The Archers. 7-20 Concert Prelude (S). 

7.30 Newbury Spring Festival 1982: 
Concertos and sacred music by Vivaldi, . 
part 1 (S). 8.05 That Accursed Stream. 1 

8.26 Concert: Vivaldi, part 2 (5). 9.15 
Kaleidoscope. 9,59 Weather. 10.00 
The World Tonight. 11.00 A Book at 
Bedtime. 11.15 The Financial World 
Tontijht. 11J30 Today in Parliament- 

12.00 News. 



COMPANY NOTICES 


GENERAL MOTORS 
CORPORATION 

NOTICE IS HEREBY GIVEN that resulting from the 
Corporation’s Declaration o£ a Dividend ol *30-60 (grow) 
per share of the Common Stock of the Corporation, payable 
on the 10th June 1982, there will become due in respect 
of Bearer Depositary Receipts a gross distribution of 
3 cents per unit. , 

The Depositary will give further notice of the Sterling 
Equivalent of the net distribution per unit payable on and 
after the 15th June 1982. . 

All claims must be accompanied by a completed Claim 
Form and U.S.A. Tax Declaration obtainable from the 
Denositary. Claimants other than l' K Banks and Members 
of Tiie Stock Exchange must lodge their Bearer Depositary 
Rrceipis for marking. Postal claims cannot be accepted. 
The Corporation’s First Quarter Report for 1982 udil be 
available upon application to the Depositary named below.. 
Barclays Bank PLC 
Securities Services Department 
• 54 Lombard Street 
London EC3P 3 AH 


PUBLIC NOTICES 


BIRMINGHAM 

District Council 

Drop-lock 
Stock 1986/93 


for the six months from 
20th May, 1982 
h>2Dtfi November, 1982 
the interest rate on the above stock 
will be 14.3750 S per annum. 

Morgan Grenfell & Col Limited 


GLASGOW DISTRICT COUNCIL _ 

. BJUs Usual 19,'Siai £&m .at 12 
Maturing 18 , 8182 . A ml moons £S7m. 

Bills outstanding £21 Jm, 


BANCO DE LA NACION 
U.S .5 25,000, 000 

Boating Rate Notes due 1986 
In accordance with the * erm * an „“ 
conditions ol the above Nows, 
notice is hereby V h »i 
period May 17. 1982- to November 
17. 1982. the Notes will carry an 
interest rare ol 154* %* 

The coupon amount per 
U.S 5100.000 nominal w>» 08 

U ' SS7 BANQUE INTERNATIONALE A 
W LUXEMBOURG S-A. 

an Fisc el Agent 

trade DEVELOPMENT bank 

gyasgaafa 

EDR hornets are 

^tfLEfNWORrf mnsoVTlimitcd 

Wlm raw 

QUEBEC CEtg^^tLWAY COMPANY 

^. P3 tE1 50 H1 

Assistant Secretary. 

50 FlTwburv Soaare. 

London EC2A 1DD. 

Mav 20 19B2- 


AM ERIC AN EXPRESS 
COMPANY 
(CDRs) 

The unrferstflned announce* that U 
Irom 27th Mav 19B2 at Kas-AMOCIatle 
N.V.. Sou is treat 1 72 A mitcrdani . 

dlv.CP.no. 17 ot the CDRs American 
Express Company, each repr. 5 shares, 
“il b? oavable with ,^ DS 5 ; 92 nr "« 
(dlv. per record-date 4.2.1982; srmt 
S-J5 p jM alter deduction ol JSf». 
USA-tax afs-Jll 25 - Dlls. 1 .os per 
. CDR. 

Dlv.cn*. beJonoina to non-residents 
of The Netherlands will be oaW after 
deduction of an addJUonal IS'o USA- 
tax ( «= S-.4123 “ 04*- t.OSJ with 
DflS. 4.87 net. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 
Amsterdam. I3lh Mav 1982 



PERSONAL 


ELMYR de HORY FAKES 

own a. magnificent _ 

Monet, Renoir, Van Gogfc, 
Toulouse Lautrec 

Private collector has for sale these 
signed unique oil paintings by ths 
master Jorgar of our own time, the 
late Elmyr de Hory, 

London 01-485 4838 


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RACING 

BY DOMINIC WIGAN 


STRATOSPHERIC . having 
bowed out of today’s Lupe 
Stakes it should be plain sail- 
ing from a long way out for 
Height of Fashion, the Queen’s 
unbeaten filly. The Goodwood 
race is likely, however, to tell 
us little of her Oaks prospects 
for apart from the presence of 
a royal pacemaker, Round 
Tower, the Lupe sees only the 
maidens Devon Air and Tetra- 


rose competing. 

Brian Rouse’s Devon Air wiH 
be all the better for her fourth- 
place run in the Esal Book- 
makers Oaks Trial at Epsom. 
There, she finished 10 lengths 
ahead of Tetrarose. She looks 
the obvious one for the forecast 

Goodwood is not usually one 
of Jeremy Tree’s favourite hunt- 
ing grounds but following 
Peacetime’s winning reappear- 
ance here yesterday, Beckh amp- 
ton is strongly represented 
again. Tree saddles his own 
fourvear-old, Fandangel, for 
the Selhurst Park Handicap 
and the once-raced Eastern 


Shore for the closing division 
of the Seabeach Maiden Fillies 
Stakes. 

Fandangle, who produced 
such an encouraging run on his 
reappearance to separate 
Sauvage and Corn Street at 
Kempton five weeks ago, later 
proved an expensive failure 
when fading badly in the dos- 
ing stages of a 17-runner handi- 
cap at Salisbury. 

It is possible, however, that 
he saw too much daylight there. 
In the belief that Eddery will 
successfully adopt waiting tac- 
tics this time, I do not intend 
to desert the miler. 


In the Mortar Mill Handicap, 
that tough five-year-old. Main 
Top, has nothing to fear from 
Aperitive, an equally resilient 
rival, judged on their running 
in Lingfield’s Mirror Group 
Newspapers Handicap. The 
Mark Smyly representative 
Zooks to be the afternoon’s 
safest bet. 

GOODWOOD 

2.00 — Rracadale 

2.30 — Bounty Bay* 

3.00 — Fandangle 

&30 — Height of Fashion 

4.00— Dido 

4^0— Main Top*** 

5.00— Eastern Shore** 



tsuL. 


til*. ; v’j , ia» ; 

“ - ?• ff , lTjK?! 'T f T l* ft 



Tomorrow's technology available 
today. The electronic telephone sys- 
tem. The number of Indiana! possibi- 
lities such systems have to offer js sim- 
ply staggering. 

For example, the telephone credit 
card. Pop it into any swtably-eqijipped 
■telephone, and the calls 1 

you make are automatically **» 
charged to your accourrt^nd jWt 
that’s tmly the beginning, its 
further pass&iffies are Emifed or 
only by the Smagmatibn of th e _ J 
systems developers and the . 

needs of the user. 

Motorola Semicondudor^ 
todcy,isidecJy placed to pbyapttHn- 


rnent role in such a telephone system. 
Us new Complementary Metal Oxide 
Semiconductors (CMOS) operate at 
exceptionally high speeds (20 times 
faster them conventional CMOS) with 
a sufficiently low power consumption 
to woric ontefephonesystems at about 
100 fines less than a Law Power 
Schofffcy Tranristor/Transisfor Logic 
(LSTO) would require. 

Only the world's leading manufac- 
turer of CMOS could come up with 
an innovation- such as the High 
Speed CMOS. 

A manufacturer that leads the 


KlI'NlylliknlllwM 







generating entirely new solutions. 




Motorola Sanicoodudors have three rrKmufaduring plants in Europe (at East 
Kilbride in Scotland, Toulouse hi Fran®, and Munich in Germany), as well as 
Ihe European Design Cenlre m Geneva -Your local dishibutors are listed belcrw: 

AMEX ELECTRONICS Ud* Hfchin, Herfe, (0462) 52083 
AM. LOCK & Co. Ud^Okihom, Lancs, (061) 6520431 

CREUON ELfCTRONICS Ud., Slough. Berks, (06286)4434 
HAWKE EUECIPONKS U*L,Sunbury on^ Thames, Middx, 101) 9797799 
ITT BJeCTRONICS SERVICES, Horicw, Essex, (0279)26777 
JERMYN DISTRIBUTION, Sevenooks, Kent, (0732)450144 
MACROMARKETING LfcL, Sfough, Berks, (06286) 4422 
THAME COMPONENTS LfcL,7bame, Oxon^084j 421 31 46 
THE RADIO RESISTOR Co. UcL, Bedford, Beds, (0234)471 88 


Motorola LtcLYorfe House, Bnpire Way, Wembley, Middlesex HA9 OPR. 


AA MOTOROLA 














14 


Financial Times Thursday May 20 19S2 


TECHNOLOGY 


EDITED BY ALAN CANE 


Alan Cane reports the progress in an industry whose time seems to have come 

Coil coating comes into its own 


A FINISHING technology pio- 
neered over 25 years ago is 
coming into its own os manufac- 
turers look for new ways of cut- 
ting materials and energy costs. 

The technology is coil coating 
— sophisticated methods of 
applying paints, plastics or lami- 
nated film s to coils or sheets of 
steel or aluminium, before it is 
processed. 

This week, members of the 
European Coil Coating Associa- 
tion (ECCA), now over 200 com- 
panies strong, were meeting in 
London to preview What is be- 
coming an increasingly rosy 
future. 

In 1980, the European in- 
dustry delivered 1,177,000 
tonnes of coated material, 
equivalent to 284m square- 
metres. 

Last year, the total was 
323.4m square metres, an overall 
increase of almost 14 per cent, 
when in general demand for 
steel and aluminium was in the 
doldrums. The increase was 16 
per cent for coated steel; and 
9.3 per cent for coated alumin- 
ium. 






.... . //■; 




Norman Maid ns, ECCA President, left; a typical coil coating 
line with Intec lasers in place, above. 


Upsurge 

Mr Norman Makins of the 
British Steel Corporation, newly 
elected ECCA president, said 
this week he believed there had 
been a sudden upsurge in de- 
mand for coated coil as industry 
realised the costs savings in- 
volved. These included savings 
in raw materials, in energy and 
in anti-pollution measures. 

According to ECCA, the 
average gas consumption in pre- 
coating varies between 6,060 
BTU per square metre and 


9200 BTU per square metre; if 
the coating is applied after 
forming, gas consumption is of 
the order of 35,400 BTU per 
square metre of treated 
material. 

Coil coating is not simply the 
addition of a protective layer. 
Certainly, the coating does pro- 
tect the metal against corrosion, 
but it is also intended to be a 
complete finish, smooth, fault- 
free and decorative. No further 
coating or decoration should he 
necessary. 

Inevitably* perhaps, the motor 
industry with its high demand 
for steel sheet to be pressed 
into body panels is a leading 
user of coated coil, especially in 
the U.S. 

Now the U.S. white goods in- 


dustry is beginning to use 
coated coil in a big way. Mr 
Makins believes that only the 
tip of the iceberg in white goods 
has so far been tackled by the 
industry in Europe and that sub- 
stantial growth should he seen 
there. 

Already in the UK Hotpoint, 
the white goods manufacturer, 
is be ginning to use coated coil 
for its domestic products. 


The UK coil coating industry 
is thought to have a greater 
production capacity than any 
other European country and 
comprises 31 companies — eight 
coil coaters such' as Alcan Sheet 
and the British Steel Corpora* 
tion — 17 materials suppliers like 
Berger. Jenson and Nicholson, 
and Crown Decorative Products, 


and six equipment suppliers 
such as Bronx Engineering and 
F. B. Industrial Rollers. 

What the industry wants to 
sell is a precoated material that 
is hard, flexible, impervious to 
corrosion, colour-fast and glossy. 
Such a material has virtually 
universal application. What ‘Is 
worrying the industry is 
quality control. 

Typically, a coil coating pro- 
duction line involves three oper- 
ations. The coll of metal is 
cleaned and pretreated; it is 
palmed and cured and then a 
top coat is applied and cured. 

Line speeds in the coating 
process can be as high as 700 
feet per minute. Coating thick- 
ness varies from one material 
to another but can be as little 


as five millionths of a metre 
for FVC through to 25 
millionths of a metre for 
PlastisoL 

Human inspection is clearly 
out of the question for lines 
operating at such speeds and to 
such fine tolerances, which is 
Why a new laser-based inspec- 
tion system is exciting much 
interest among coil coaters. 

The system was developed by 
the Intec Corporaton of the U.S. 
It comprises a high-speed laser 
scanner, an optical sensor, a 
quality control centre and a 
system printer. 

The scanner is a helium/neon 
laser beam pointed at a multi- 
faceted mirror which sweeps the 
laser spot across the moving 
strip 5,000 times a second. The 
light reflected from the strip 
surface is collected by a light 
pipe and fed to pbota multiplier 
tubes to be converted into 
electronic signals. 


Acorn, Nat 
in micro 




BY GUY KEWNEY 


Cut your 
telex costs 
here: 



Network 

Technology 

Limited 


We have the affordable . 


effective answer- now! 


Unit 8, Buttons Industrial Park 
Reading, Berks. RGB 1AZ 
Tet (0734) 664667 Tefex 343023 


Defect 


A change in the normal 
signal output indicates a surface 
irregularity or defect. 

The quality control centre is 
microprocessor-based: it 

processes and analyses the data, 
feeding information to the 
system printer which generates 
hard copy reports. If defects are 
detected in excess of preset 
values, audible and 'visible 
alarms are triggered. 

Most industrial metals are 
coated in one way or another 
before the finished product is 
offered for sale; the coil coaters 
believe they have the answer 
the question is, which way is 
best 


Oscilloscope sets new trend of sophistication 


AN OSCILLOSCOPE entirely 
designed and made at Gould 
Instrument Division, Hainault, 
Essex, is setting a trend that 
takes the «rt of waveform 
examination .a to new realms of 
- sophistication 

Much of the knob twiddling 
and estimation associated with 
the use of 'scopes has been 
done away with in the OS 5100, 
a £5.585 instrument that makes 
automatic measurements on 
waveforms that have frequen- 
cies up to 100 MHz. 


For example, estimation of 
waveform amplitude and time 
parameters using graticule and 
calibrated control has been 


replaced by a pair of bright 
market points or cursors, each 
of which is placed, using a 
single "shift*' knob, at the 
desired points on the trace. A 
built in microprocessor then 
takes over and measures the 
time spacing between the two 
points and their amplitude dif- 
ference. Then, the results 
appear, in alpha-numeric form 
on the screen. 

It is all done by digitising 
the waveform (.sampling it at 
high speed), a technique which 
also allows the trace to be kept 
in storage. Later, it can be 
recalled for comparison with 
say, another similar live trace, 
or another stored one. 


Extensive trigger facilities 
include delay-by-time and 
delay-by-event modes, both 
offering very high accuracy and 
resolution with crystal con- 
trolled time. It is also possible 
to trigger on a specific logic 
word if the ’scope is used in 
conjunction with an optional 
logic analyser word-recognition 
pod. 

In view of the storage facility, 
the machine can also be ** read 
out" into a chart recorder. 
Furthermore, it can be con- 
necte d, v ia an optional card, 
to an IEEE bus to become part 
of a larger measurement 
system. In essence, this means 
the instrument can send its 


readings elsewhere (perhaps 
for analysis) or it can accept 
instructions to perform certain 
measurements. 

This makes the OS 5100 well 
suited. to work in a production 
environment because it can. for 
example, remember up to 10 
measurement routines and 
carry them out in sequence. 

Gould believes the instrument 
will simplify tile testing of a 
growing variety and increasing 
quantity of digital equipment 
and should allow a less-skilled 
grade of operator to carry out 
even the most complicated 
measurements. 

GEOFFREY CHARUSH 


Credit card 
analyser 


SENSION SYSTEMS has 
developed a device for the 
analysis of magnetically 
encoded cards. 

The device is capable of 
reading all three trades on a 
standard card and provides a 
pass /fail status report for each 
of the tracks. 

It will also display a 
graphical bit density plot for 
each track on request. 

The test information is dis- 
played on a 14 inch screen using 
colour coded characters, back- 
grounds. and .flashing text. 
More on 0606 44321. 


ACORN, the small UK manu- 
facturer which designed the 
BBC computer, is collaborat- 
ing with die major U.S. semi- 
conductor bouse National 
Semicondactor .(NatSemj) in 
an effnrt to beat allcomers to 
the next generation of micro- 
computers. 

It is developing a computer 
which can be added-on to the 
BBC computer or to popular 
computers made by Apple, 
Tandy and Commodore. 

The add-on computer (which 
Acorn is calling the "Gluon” 
in line with its policy of call- 
ing its machines after nuclear 
particles) will give these 
machines remarkable extra 
computing power. 

It will be based on a micro- 
processor chip from NatSeini 
which handles binary digits 
(bits) 32 at a time. State of 
the art microprocessors such 
as the Intel 8086 handle bits 
16 at a time. 

So NatSemi, . which so far 
has made little impression in 
the microprocessor market, is 
hoping to leapfrog its com- 
petittors with its new chip. 

Acorn is only one of several 
high technology companies it 
has lined up to support this 
effort. The electronics group 
Bosch and the computer com- 
pany Nixdorf, both of West 
Germany, are announcing pro- 
jects based on NatSemi’s 32 


bit chip. 

In the U.S., Wang is 
expected to announce a Joint 
project aimed at the office 
systems market.- Most signifi- 
cant of NatSemi’s moves, 
however, 4s the signing of a 
far-reaching' deal with Trans- 
lation Systems in California 
which will provide the essen- 
tial software (computer pro- 
grams) support. 

It has developed a wide 
range of programming lan- 
guages all of whidi can be 
adapted to run on the NatSemi 
chip. 

For Acorn, the surprising 
Choice of the little known 
NatSemi chip rather than rival: 
16 bit designs from Motorola 
or Intel is seen as part of an 
ambitious strategy to produce 
a machine that will not be 
vulnerable to obsolescence. • 

The company expects, to 
turn over some £15m to £20m 
this year and hopes to have 
installed around 80,060 - BfiC' 
computers before Janaary 
1983 now that production 
difficulties which dogged the 
introduction of what is seen 
as an excellent product have 
been Ironed out. 

A little known . but very 
clever feature of its design For 
the BBC machine is a device 
called the "Tube,” In fact a. 
high speed data highway, 
which passes instructions and 


data from the computer to an 
external processor. It is this 
feature which makes add-on 
computing power possible. 

In a BBC computer with 
; attached Gluon processor, all 
the arithmetical and logical 
manipulations would be 
. carried oiit with the full 
power or 32 bit processing; 
the . computer's own micro- 
processor would be used to 
control the display and the 
keyboard. 

The availability, of 32 bit 
power plus a range of working 
software is seen as an Ideal 
platform from which to launch 
U.S. sales of the BBC micro, 
planned for the beginning of 
1983. Production has now b**vn 
arranged in Hong Kong for 
overseas markets, including 
Australia and the U.S. 

It is expected that a Gluon 
processor with around 
256 Kbytes of memory and a 
Unix or- Unix-like operating 
system will sell for' about 
IT -S -52,090 in the U.S. and 
about U-S-$3,500 with a large- 
capacity Winchester disc for 
data and programme storage. 

. NatSemi T believes the 
'strength -of Translation 
Systems software ties in its 
" portable " design which 
allows users of a new design 
of computer to produce their 
own version in a very short 
time. - 


Cheaper 
way to 
countersink 


oil temperature without the 
need for water cooling. 

Mr A. C. Midgley at Rhodes 
Gill, Carlisle Drive, Pudsey, 
Leeds (0532 572727) will be 
happy to explain further. 


COUNTERSINKING holes in 
metal strip components can be 
an expensive business using 
conventional drilling methods. 

Rhodes GUI of Leeds has 
come up with a new technique 
which instead of extending the 
drilling time, uses a 250 ton 
mini-forge coining press to 
recess large diameter holes. A 
smaller press with a strip 
feeder can cope with counter, 
sinking of less than 30mm 
diameter, 

The. mini-forge can J>e used 
continuously at high tonnage 
with an air cooler to maintain 


Tester 
for gas 
leaks 


Slough is another. "Action” 
is -an aerosol containing a 
liquid designed to bubble in 
the presence of gas leaks. 

It is powered by compressed 
air and the makers, Pol 
Dynamic . of Sweden, claims 
there is no fire risk or danger 
of inhaling noxious gases. It 
is recommended by and avail- 
able from Calor Gas. Pennon- 
grade's address is FO Box 71, 
Slongh SL2 3SH. 


Theodolite 


HOME BREWERS, cyclists and 
gasmen have a common' 
interest In detecting leaks. In 
fact, everywhere gas of air is 
supplied, piped or compressed 
there is need for a simple and 
reliable method, of . checking 
that joints and-seals- are secure . 

Soapy water is one answer," 
“Action " from Pennongrade of 


OUTPUT of the Hall and Watts 
ST456' theodolite is to be 
stepped up as a result of 
increased manufacturing and 
inspection space: at the com- 
pany's St Albans works. Exist- 
ing customers in need of repair 
or.- service to- existing instru- 
ments should * telephone 0727 
35686. 


;'o\v 


:*C 


ft (*■--- 


T omorrow’s world is a place full 
of lasers, microprocessors and 
sophisticated computers. In Britain 
our coal industry is already using them. 
They have made us the most advanced 
coalmining nation in the world 

The timingisperfectBritish Industry 
now needs af modem, reliable and econ- 
omical fuel to replace those that will soon 
dwindle in supply 

Coal is the energy lifeline. 

It is the one energy source that is 
still plentifuL We have estimated resources 
of 45,000 million tonnes. Enough to go 
on supplying British Industry for the next 
300 years. Looking even further into the 
future, the NCB is using ultra modem 
surveying techniques to uncover further 
deposits. 

This is only part of the story. Today’s 
coal is dean In modem installations coal 
and ash are seldom seen and rarely 
touched by human hand And all smoke 
is consumed within the boiler 


Remote control also plays its part 
in mining today’s coal Using some of the 
most advanced mining techniques and 






equipment in the world assures the NCB 
of high rates of productivity. The same 
techniques and equipment earn valuable 
export revenue for Britain! 

Coal is now a rapidly expanding 
industry Hie NCB has the technology to 
convert coal to vehide fuels, lubricants, 
chemical feedstocks and there is an 
acceptable substitute for natural gas. 

And the NCB can show British 
Industry how to bum coal with unprece- 
dented effidency and economy New coal 
burning technology together with the 
various Government grants available, 
promises a reduction in capital outlay as 
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It is within coal’s power to make 
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You might like to know more about 
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If so, fill in the coupon below. 


1 Hobart House, Grosvenor Place, London SWTX 7AE. I 




J 


K 









Financial Times Thursday May 20 1982 


FINANCIAL TIMES SURVEY 


Thursday May 20, 1982 










The future of Britain’s steel industry is uncertain. Massive cutbacks and European Commission 
measures have recently improved trading figures but supply still exceeds demand. No-one is 
predicting a major recovery and moves in America may soon worsen the position. 


Slow recovery has 
fragile foundations 


BY IAN RODGER 

A' NERVOUS calm prevails in 
the UK steel industry. 

The horrific cutbacks of the 
past two years are on the way 
tu being completed and the 
British Steel Corporation and 
other steel companies are 
beginning to see some sensible 
trading figures in their internal 
accounts. 

The recovery to date is, how- 
ever, built on the most fragile 
of foundations and consists of 
loss elimination and price 
increases only. No-one in the 
industry claims to see a signifi- 
cant upturn in demand. BSC, 
for example, is looking for only 
a 1.5 per cent rise in the output 
of the major steel consuming 
industries this year. 

Supply still far exceeds 
demand and price increases 
have only been achieved 
because the European Commis- 
sion imposed production quotas 
on community producers in 
November 1980 and required 
them to publish and stick to 
their prices from June 1981. 

These measures have worked 
surprisingly well to date and 
their renewal next month by the 
Council of Ministers for at least 
another year seems a certainty. 

But the first effects of the 
anti-dumping suits filed by U.S. 
steel producers early this year 
against several European com- 
panies will be felt next month 
as well. And the effective 
closure of the U.S. market that 


could occur threatens to under- 
mine the . delicate balance 
between supply and demand in 
European steel markets. 

This, in turn, threatens BSCTs 
scheduled recovery to break- 
even point next year under the 
three-year " slimline ” plan 
designed by Mr Ian MacGregor, 
chairman. 

As he enters the final year of 
his three-year contract. Mr 
MacGregor is under increasing 
pressure not only to make a suc- 
cess of his plan but also to hive 
off more parts of the corpora- 
tion to the private sector. 

Contraction 

AVhatever happens in the next 
year, the longer term future of 
the British and European steel 
industry is far from clear. 
Recent riots by steelworkers in 
Belgium protesting against 
plants closures showed once 
again how hard it is for the 
Commission to implement its 
medium-term plan to reduce 
overall capacity in line with 
foreseeable demand. 

BSC’s view, solidly backed by 
the British Government, is that 
it has done more than its share 
in the past two years. Indeed, 
the scale of the contraction 
within the corporation is almost 
unbelievable. 

By 1979, BSC had already 
responded to the weakening of 
demand since the 1973 oil crisis 
by cutting capacity from 27m 


to 21m tonnes. But in Hie past 
two years, it has slashed 
manned capacity to 14.4m 
tonnes and shed 66,000 jobs, a 
third of its labour force. 
Redundancy charges alone 
reached nearly £400m. 

Despite these cuts, the real 
gamble in the corporation’s 
“slimline” plan was that it 
could maintain its five bulk 
steel production sites, Port 
Talbot and Llanwem in Wales, 
Scunthorpe and Teesside in 
England and Ravens era ig in 
Scotland, rather than eliminate 
one of them. 

The plan was based on the 
assumptions that BSC would 
recover its home and export 
markets lost during the 1980 
strike and that the home 
economy would gradually im- 
prove this year. If that hap- 
pened, the corporation could 
with luck break even by 
spring 1983. compared with a 
forecast loss of £338m in 1981- 
82. It also hoped to be operat- 
ing strongly enough to be able 
to consider restoring some 
idled capacity. 

The parts of the plan over 
which BSC has had some control 
have gone well The corpora- 
tion pushed up its prices since 
the European crisis measures 
went into effect and it has 
fought hard to regain its 54 per 
cent share of the home market 

Thanks in part to the excel- 
lent international contacts of its 
chairman. BSC has also scored 
some export sales coups. In 
April, for example, BSC won a 
flpm contract to supply Kaiser 
Steel Corporation in the U.S. 
with 75,000 tonnes of steel slabs. 

Demand in many bulk 
markets remains weak, however 
and the corporation is anticipat- 
ing no increase in deliveries this 
year over last year’s 10.3m 
tonnes. . 

i ne great tragedy of British 
steel is not that *t reflects the 


decline in the British Steel 
Corporation,” Mr MacGregor 
said recently. “It reflects a 
decline in the British manufac- 
turing industries.” 

Mr MacGregor has always 
said the slimline p lan was 
optimistic and some observers 
wonder if it is now being under- 
mined by the lack of recovery 
In demand. 

Having cot production staff 
severely, they argue, BSC’s only 
available option for further 
contraction, if this became 
necessary, would be to shut one 
of the big sites. At this point in 
the life Df the Conservative 
Government, such a move would 
be very difficult 

But in his testimony to the 
Commons Industry and Trade 
Committee last November, Mr 


MacGregor indicated he was 
still looking for significant re- 
dactions in the workforce with- 
out capacity cuts, aiming to get 
the total employed down from 
about 100,000 today to 62,000. 

Much may depend on tbe next 
moves in the attempts by U.S. 
steed, companies to reduce the 
flood of imports into their home 
market. After the sharp rise in 
TJ.S. imports last year, particu- 
larly of pipe for oil exploration, 
U.S. steel companies slapped 
anti-dumping suits on European, 
Japanese and other steel 
exporters- 


Unprofitable 


As of June 10, the affected 
companies, including BSC, will 
have to post bonds covering any 


CRUDE STEEL PRODUCTION 


Belgium 

1978 

1.051 

1979 

1,121 

1980 

1,025 

1981 

1,024 

Brazil 

1,009 

1447 

1476 

1,101 

Canada 

Czechoslovakia 

1.342 

1,274 

1,340 

1434 

1424 

1469 

1,233 

France 

1,903 

1,947 

1,930 

1,760 

East Germany 

581 

585 

609 

— 

West Germany 

3,438 

3,837 

3,653 

3,468 

India 

Italy 

Japan 

842 

2 024 

845 

2.021 

786 

2409 

878 

2448 

8,509 

9,312 

9484 

8,472 

Luxembourg 

399 

412 

385 

316 

Netherlands 

466 

484 

439 

456 

Poland 

1.604 

1,602 

1,624 

— 

Spain 

930 

1,009 

1,056 

1,077 

Sweden 

360 

394 

353 

314 

UK 

1,693 

1.789 

940 

1498 

UB. 

10,359 

10473 

8,474 

9.065 

USSR 

12.620 12.417 12,333 — 

Source: Iron and Steel Statistics Bureau. 


potential amounts that might be 
assessed against them on their 
U.S. steel deliveries. This will 
make it unprofitable to export 
to the U.S. Vigorous attempts 
are being made to diffuse the 
issue out of court but time is 
running out. 

BSC’s sales to the U.S., at 
0.5m tonnes a year, are not 
great in terms of volume nor 
in terms of the corporation’s 
overall exports of 2jm tonnes, 
but they are concentrated in 
high value engineering and 
special steels. 

Moreover, as Mr MacGregor 
has said, the real concern is not 
so much the closure of the U.S. 
market as the prospect of the 
displaced steel being aimed at 
the fragile European markets. 

Excess capacity and weak 
demand in 1980 had combined 
to plunge European product 
prices well below levels prevail- 
ing in Japan and North 
America. 

Late in the year the European 
Commission declared a “mani- 
fest crisis” and imposed produc- 
tion quotas on Community pro- 
ducers. This measure -alone 
proved inadequate ana so last 
June the Commission required 
all producers and large stock- 
holders to post and stick to their 
prices for most products. 

To the surprise of many, the 
measures have worked fairly 
well. Certainly, they have 
enabled both BSC and the 
private British producers to 
recover considerably from the 
financially ruinous terms of 
trade prevailing a year ago. On 
average, prices have risen about 
a quarter in the past year and 
are now slightly above 1979 
levels. 

There are. of course, prob- 
lems with the measures, the 
fundamental one being that they 
tend to ossify the existing in- 
dustry structure rather than 


encourage innovation and 
efficiency. But the idea is that 
they are a temporary expedient 
while the industry' gradually 
cuts its capacity before Govern- 
ment subsidies are removed. 

To make sure this happens, 
the Governments of the ten 
ECSC member countries have 
agreed to eliminate all sub- 
sidies to their steel companies 
by the end of 1985. 

Inevitably, there have been 
complaints about the fairness of 
the quotas imposed on in- 
dividual companies. The 
current - negotiations towards 
renewing tbe measures for at 
least another year are being 
spiced by attempts by various 
groups to claim bigger shares. 

A more substantial point on 
the agenda Ss the attempt to 
subject a number of additional 
products to the crisis measures. 

For example, narrow cold 
rolled strip was not included 
within the list of products 
covered by the ECSC when the 
treaty was signed in 1951. But 
technology has . since advanced 
in hot rolled wide coil to the 
point where it now competes 
with the cold rolled. 

Britain, whose special steels 
industry has been hard hit by 
low-priced imports, is malting a 
major effort to make most of 
these products subject to con- 
trols as well Support for this 
proposal is said to be limited. 

While the British Govern- 
ment worries about the 
determination of other 
European governments to 
pursue steel capacity cutbacks, 
it has intensified its efforts in 
the past year to complete the 
job m this country. 

It has, for example, 
commissioned studies of the 
state of three sectors, special 
steels, cold rolled narrow strip 
and bright bar, with a view to 
helping companies ' negotiate 


IN THIS SURVEY 

Private sector 

Continuous casting 

Manpower 

Stainless steel 

Structural sections 

Flat rolled products 
and tubes 

Stockholders 


rationalisation. It has also 
backed a project by Lazard 
Brothers to rationalise the steel 
castings sector. 

More important, last 
December, the Government 
agreed to make available £22 m 
to help the financially strained 
companies in the private sector 
face the costs of the redundan- 
cies and relocations. 

BSC has already been 
involved in two of the largest 
attempts at rationalisation 
schemes to date. With Guest, 
Keen and Nettlefolds. it set up 
a new company, Allied Steel 
and Wire, last June combining 
the two companies’ rod and 
wire and GKN's light sections 
interests. 

Mr MacGregor has said he 
wants to develop the high value 
added sectors of BSC’s business 
but many of these, including 
engineering steels, are those in 
which there are real prospects 
for privatisation deals. And the 
performance fee to be paid to 
Lazard Freres in New York at 
the end of tbe chairman's 
contract next year will depend, 
inter alia, on progress in hiving 
off segments of BSC to the 
private sector. 



To improve cash flow and avoid expensive inventory exists, 
many companies have run down their steel stocks to the 
bare minimum. 

And they've been pleasantly surprised. 

For they have discovered the advantage of turning 

to us for their steel needs. 

With 30 Divisions, more stock than anyone else in 
the UK (some 120,000 tonnes of it) and with the most 
extensive processing systems around, we are able to 
complete just about any order in a matter of days. 


We’ve carried the risks, and they've carried on in business. 

So if there’s one thing that the recession has taught 
British Industry it is that the high costs of 
unnecessary steel stocks must be avoided. rYjaBu 

By a 'phone call to us. 

GKN STEEL5TOCK UJJ 

Service.Thafe Ottr Strength. 

GKNSteelstockUri, 

R0.B0X4, Bridgnorth Road, Vifomboume, Wolverhampton WV5 BAETet (0902) 896565 








Financial Times Thursday May 20 1982 


ASSOCIATED 

STEEL DISTRIBUTORS LTD 

s': 

; Expanding in the right direction — 
Not the biggest — 

% 

, v.. *. '.Certainly one of the best — 
t \ . Serving Steel Consumers 


UK STEEL AND STOCKHOLDING II 

British Steel Corporation’s sales drive increases the gloom caused by depressed, markets 

More casualties expected in private sector 


\ Anderson Brown 

'i 

Coutinho Steel 
: Pinxton Steel 
Yeovil Steel 


Edinburgh 

London 

Notts 


D & F Steels 


Steel - Stalbridge, Dorset 

Serving Steel Stockholders 
Steels - Leeds, 


1 b* 


original of a new 
concept in steel 
distribution and 
still way ahead 


ALREADY dangerously weak- 
ened by depressed markets and 
prices, file private sector of toe 
UK steel industry has had to 
contend in the past year with 
British Steel Corporation's 
aggressive drive to regain mar- 
ket share after its disastrous 
1990 strike. 

The results have been drama- 
tic. Two major mtHs have been 
closed, most companies have 
suffered crippling losses and 
more than 20,000 jobs have been 
Shed since 1979. 

TOe carnage is by no means 
over. Although many prices 
have improved — thanks to the 
European Commission’s crisis 
measures — business remains 
poor. 

Already. 18 applications are 
being prepared to take advan- 
tage of the Government's be- 
lated £22m redundancy and re- 
structuring scheme announced 
last December. And pressures 
I remain strong for further major 
rationalisation in the engineer- 
ing and special steels sectors 
and in steel castlings. 

The first and largest casualty 
to date in the current slump 
was XhrporL Having spent £3 5m 


PH 
WT 

7322 



NE 
N 



in tie late 1970s on a new en- 
gineering steel complex at 
Lianeffi, the group encountered 
losses of £7.9m in steel in the 
year to January, 1981. Heavily 
burdened with debt, it shut the 
mill, sold its rolhng mills to 
BSC for £22Jjm and launched 
a resale rights issue. 

Duport was one of four pri- 
vate sector companies that had 
been trying urgently to hammer 
out an overall rationalisation 
scheme with BSC in engineer- 
ing steels. 

A few months after tihas 
closure, T-ube Investments, 
which was also under financial 
strain, agreed to sell its 50 per 
cent interest in Round Oak 
Steel Works to its partner, 
BSC. Then the Lonrbo-owned 
Hadfield chose to shut down 
much of its engineering steel 
operation rather than sell out 
to BSC. 

That left only BSC and Guest, 
Keen and NettiefoMs, and they 
announced in February that it 
(bad “ not been possible to iden- 
tify a viable basis on which to 
structure a joint venture.” 

BSC’S view is that it has 
already cut back its engineer- 
ing steel capacity by nearly 50 
per cent and is left with high 
quality plant that is operating 
satisfactorily. It also wants to 
build up its business in the 
higher value added sectors. 

However, the pressure on the 
corporation to hive off success- 
fid portions of its business 
grows as the three-year con- 
tract of its Chairman, Mr Ian 
MacGregor, moves into its final 
year. 

BSC has already succeeded in 
floating off one of its opera- 
tions, the Scunthorpe wire and 
rod mill which has been com- 
bined with GKfTs section, wire 
and rod actrviies in a joint 
venture called Allied Steel and 
Wire. GEN’S section, wire and 
rod activities had been, losing 
heavily but the chairman of 
Allied now says the company 
should break even next month. 

The creation of Allied also 
turned out to be the signal to 
Johnson and Firth Brawn and 



SUPPLIES 
FINISHED 
EL TO UK 
UMERS& 
[HOLDERS 


Arthur Lee that there was no 
future for their interests in the 
steel wire and rod field. 

A year ago. JFB sold its John- 
son and Nephew steel wire 
businesses to a South African 
company for £9m and closed its 
Greening Wire subsidiary. In 
November, Lee reduced its 
interest in Alloy Steel Rods, a 
joint venture with BSC, from 
50 per cent to 20 per cent in an 
exchange deal that saw Lee 
buying BSCs 50 per cent stake 
in Lee Bright Bar. 


Flexibility 


That leaves Allied Temple- 
borough Rolling Mills (in 
which BSC has a 50 per cent 
stake), and two independent 
mini-rail Is, Sheerness Steel and 
Manchester Steel with almost 
an the UK wire and rod capa- 
city. 

The mini-mrlls. with their 
great operating flexibility and 
low overheads, contributed sig- 
nificantly to the unexpected 
growth of the private sector in 
the 1970s. But they have been 
'hit hard in the past two years, 
not just because of depressed 
home markets but also because 


of the emergence of mint-mills 
in other countries, particularly 
in the third world. Export 
markets have dried up- and 
imports into the UK have 
become a serious problem. 

Under the European ' Com- 
mission's crisis measures, the 
mini -miTis * product range, 
particularly reinforcing bars, 
have been subjected to very 
severe production abatement 
But at least the improvement in 
prices is enabling the com- 
panies to cover their costs. 

Undoubtedly the weakest and 
hardest hit. segment of toe 
private steel sector -has been 
special steels. According to a 
study carried out last year for 
the Bank of England, by Sir 
Frederick Warner, UK demand 
for high speed and- tool steels 
declined steadily through the 
1970s as the engineering in- 
dustry stagnated. 

Meanwhile, the : relatively 
small UK producers, mostly 
based in Sheffield, were having 
increasing difficulty in meeting 
competition from more efficient 
foreign producers. The import 
problem has been exacerbated 
in the past three years by very 
aggressive pricing by some im- 


for slit roil, sheets and blanks. 

DUCTILE STEEL STOCKISTS LIMITED 

^ Planetary Road, Willenhall, West Midlands WV13 3SP 

difliM Telephone: Wolverhampton 732200 Telex 337884 

London Office: Ember House; Hereham Green, HashanxSixreyKTl 2 4HG 
TdepfwwrWallon-on-Thane 44011 Telex 929228 

Northern Office: 37A Bramhafi Lane South, Bramhafi. Cheshire SK7 2DL 
Telephone: 061 440 0055. Telex 667T4I 


Corporation on target to 
achieve continous casting aim 


porters' and by toe strength of. 
sterling. 

Imports now account lor 
about GO per cent of. toe UK 
market for high speed, tool and 
special" grades of stainless' 
steeds. compared to 13 per cent. 
10 years ago. . 

Warner concluded that UK 
capacity of about 80,000 tonnes 
a year was about double the 
foreseeable demand from UK 
producers and proposed further 
major rationalisation. 

Before any deals could be 
organised, however, the market 
situation deteriorated so much 
—most special steels - are not 
covered by toe ECSC crisis 
measures — toast companies had 
to take drastic action on their 
own. 

Aurora Holdings,- toe group 
which tried to become the major 
force in toe sector in the late 
1970s by acquiring Samuel 
Osborn and Edgar Allen Balfour, 
has dosed down five of its six 
sites and cat steel staff from 
2,200 two- years ago to 350 today. 

Aurora’s trading profit in 
steed, jumped from £0Bm in 
1978 -to £22m in 1979 but then 
the group’s steel ■ division 
plunged into a £5.8m loss last 
year.- and absorbed £A2m in 
closure costs. 

Other, -companies too have, 
taken severe meastmes. Sander- 
son Kayser, the subsidiary of 
GEI International, has cut its 
workforce from 1,100 to 547 and 
Neepsend has died 540 of its 
1,600 jobs. 

Opinions are divided about 
the desiratnfity of further 
consolidation. Mr Arthur Watt 
managing director of Aurora, 
points out that toe -group's 
problems arose partly because 
it was unable to retain most of 
toe business of the companies 
it acquired. * 

“Buyers of high speed and' 
tool steels like to buy from more 
than one supplier. ” 

Others wonder if that problem 
arose mainly because the. con- 
solidation in the sector did not 
go far enough. Certainly, more 
mergers among smaller com- 
panies in what remains of the 
sector seem likely, although all 
are now so financially weakened 
that it is going to be difficult to 
structure deals. 

The special steel producers 


Aggression 


JFB says no talks are undeT 
way at the - moment It is 
obviously . apprehensive that 
BSC will compete aggressively 
in the under-70 ton ne m arket 
which was hitherto JFB's pre- 
serve and more profitable than 
the la rger end held by BSC. 

But JFB's own finances are so 
stretched at the moment 
because of toe collapse of its 
aerospace business toat it is in 
a poor position to negotiate a 
scheme with BSC 

However, the pressure Is on 
in this case as in others to 
negotiate quickly because 
applications for aid from the 
Government's £22m scheme 
must • be in by the end of 
September. 

Recent Government-spon- 
sored studies on the cold rolled 
narrow- strip and bright . bar 
sectors are pointing toe way to 
rationalisations in these areas. 
Partly in anticipation of moves 
in the strip sector, Glynwed 
early to* g month made a £20.6m 
agreed bid for Ductile Steels. 

And now toat.F. H. Lloyd has 
agreed to reconsider partici- 
pating in Lazard Brothers' 
rationalisation sdteme for toe 
general steel castings sector, 
there should be more progress 
in that field as well. 


Ian Rodger 


STEEL SERVICE CENTRE 

OTnpi i Hot rolled, slit coil and cut lengths in as 
• * ttt ■ roiled or pickled and oiled condition. 

SLITTiNG CAPACITY : ![° 6 m 35mm m th7ck: 500Tnrn wide 1 ' 6mm 
NARROW DECQILING : “^Tth^k 760 mrn wide 1 ’ 6 mm 


Crescent Works, Willenhall Road, 
Darlaston, Wednesbury 
Telephone: 021-526 4031 

Telex: 337182 


WITHIN THE next two years, 
BSC should have achieved its 
aim of continuously casting 
around 50 per cent of its total 
output. 

Once that target is reached., 
it will put the British steel 
Industry among toe most 
1 advanced in Europe for toe 
application of the technique, 
: thanks largely to more than a 
! decade of heavy investment by 
| the corporation. 

A comparison with the 
Japanese, the world leaders, is 
less favourable. One company. 
Kawasaki, boasts 90 per cent 
continuously cast output and a 
number of other companies well 
over 50 per cent 

With no major developments 
in toe basic techniques of steel 
making, continuous casting is 
seen by many experts as the 
most Important single contribu- 
tion to the future of the 
Industry. 

It is expected that by 1990 
half the world's steel output 
will be continuously cast while 
the traditionad ingot route of 
steelmaking will continue to 
decline. 

During the past decade, the 
tonnage of steel continuously 
cast has increased more than 
tenfold but currently one-fifth 
of the world tonnage is pro- 
duced using toe technique. 

The int reduction of con- 
tinuous casting in Britain has 
not been without problems. A 
□umber of consumers, par- 
ticularly in the engineering 
sector, were nervous about the 
quality of steel produced using 
the continuous casting method. 

In conventional steel pro- 


Robert Smith & Sons Ltd 

(Steel Plate Specialists) 

Robert Smith 

Gw SHORE ROAD, BIRKENHEAD, MERSEYSIDE 

Telephone: 051-847 4221 Telex: 6Z7345 

- - Over 7000 tonnes of quality plate in stock, to the following standards 
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(Steel Plate Profilers). 

26 REGENT ROAD, UVERPOOU MERSEYSIDE 
TELEPHONE: 051-207 1891 TELEX: 627233 

'Flamecu tiers' provide a comprehensive service for the supply of precision cut profile components 

in the above qualities and 

Plasma Cut Stainless Steel components to BS1501 (A240J- 3041, 316L and BS1448-304L 316L 

GROUP AREA OFFICES 

MACGOW Tel: 041-331 2686 Telex: 777264 GATESHEAD Tel: 0632-782989 Teksc 537774 MANCHESTER Tel: 061-702 8802 TdOC 6S7785 
HALESOWEN, W. MIDLANDS Td: 021-560 0141 Tetoc 339205 NOTTINGHAM Tel: 0602-818516 Tdac 37683 

Rfihgt Smith 8 Sons Ltd and Hwn«miiBis Ltd era member companies tf the Hobart Smith 




ductiou molten steel is poured 
into an ingot, cooled and then 
reheated for rolling into billets 
and blooms. The coaling and 
reheating strengthens toe 
steel. 

The continuous casting pro- 
cess by-passes this step, as the 
molten steel is poured directly 
and continuously into billet 
forms. 

The need for soaking pits, 
ingot moulds and primary and 
intermediate mills is thus 
eliminated, less energy is used 
and less molten steel is wasted. 

BSC believes that a lot of the 
initial consumer resistance to 
continuous casting has been 
overcome since technological 
developments have considerably 
improved the quality of the end 
product. But as one steel expert 
said: "A lot of people are still 
nervous." 

Continuous casting is cer- 
tainly not a new technique. Both 
rhe Germans and the AHies 
experimented with it during the 
Second World War. Britain was 
the first country in the world 
to open a commercial con- 
tinuous casting' plant when 
Barrow started 19 in 1952. 

Investment 

Since then, toe process has 
been regularly updated. Almost 
all grades of steed can now be 
continuously cast but the high 
capital cost of the machinery 
means lhat it i.s only an 
economic proposition for good 
quality, large volume steel pro- 
duction. 

BSC believes its substantial 
investment in new machinery 
and research and development 
have kept it abreast of all the 
latest improvements in the field 
of continuous casting. 

Last year it had eight slab- 
casting machines, with a total of 
13 strands, an eight-strand 
bloomcasting machine at the 
Larckenby plant in Scunthorpe 
already in operation and more 
machines being installed. 

BSC will make a further step 
forward in the application of 
continuous casting techniques 
before the end of this year 
when it starts production from 
its first machine capable of 
handling round sections at 
Stocksbridge near Sheffield. 

The new machine will pro- 
duce sections without bending 
the metal before it cools to 
avoid weakening rhe material. 

The dedine in BSCs financial 
fortunes has entailed a rapid 
cutback in the level of capital 
expenditure from £579ra in 
1976-77 to £l$5m in 1980-81 and 
the trend will continue down- 
wards. 

Tight cash Emits mean the 
corporation has had to be more 
selective about the areas in 
which it invests. The rule now 
is that only projects which have 
a direct benefit on cutting costs, 
for example, through energy 
conservation or improving pro- 
duct quality, will go ahead. 

The squeeze on profit mar- 
gins has undoubtedly affected 
the level- of research and 
development throughout the 
steel industry, experts agree. 
But small advances continue to 


be made in .toe area of. applied 
computer technology, better 
environmental controls and 
wider, more versatile steels. 

Experts also believe toat toe 
direct reduction technique 
-which— uses- peHetx- uf high' 
quality iron ore, thus eliminat- 
ing the initial expensive process 
of making pig iron, also has a 
future. 

Its development depends very ' 
much on the price of gas — as 
BSC discovered at its in-fated 
Hunterston project a few years 
ago. But for large developing 
countries, such as Nigeria, with 
considerable resources of 
natural gas, the direct reduc- 
tion plant which does not re- 
quire the TOwnense capital 
expenditure of toe blast furnace 
is bound to prove increasingly 
popular. 

Mark Webster 



• COMPREHENSIVE STEEL STOCK 
RANGE 

• RAPID AND RELIABLE DELIVERY 

• PROCESSING SERVICES 

EDWARD S. JOHNSON & COMPANY LTD. 


Carlton Industrial Estate 
Barnsley. South Yorkshire 
S71 3LH 

Tel: (0226) 723994 
Telex: 537IS4 


Other address: 
Chainbridge Road 
Bbydon. Tyne and Wear! 
NE21 5SY I 

Tel: {0632) 444211 : 

Telex: 537154 ! 




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V- COMPLETE COIL PROCESSING LINES -TENSION LEVELLERS ■ STRIP^V'V^ 
^’PROCESSING - HANDLING EQUIPMENT- STRIP JOINERS - LEVELLERS^£#s 
r , ^ MANIPyL^TOTS yCLAY GUNS -T AP HOLE D RI LLS’ ST EEL BEARING HOlBZMxg&i 

tefraafigjsg jjgr LfaL Eastga te Honan, N ot ti n n h amfloa c i, D«^>B3 Ta! 


JfO 


have, been lobbying vigorously 
to have their products brought 
within the controls of -the 
ECSC crisis provisions ind 
have succeeded in gaining the 
strong support of the \TK 1 
Government However, chances ; 
seem slim that all the other ^C 
members will agree to the move 
next month. 

The special steel sector alto 
includes Johnson and Firtfc 
Brown, although this company 
is almost in a category of its 
own. making super alloys for 
jet engines, aircraft 'landing 
gear and the like as well as steel 
rolls. 

A 10-year agreement between 
JFB and BSC for sharing the • 
heavy forging business came to . 
an end last month and there has ■ 
been -considerable speculation 
about a possible joint venture 
along the lines of Allied Steel 
and Wire. 




Stru 




i y 



Financial Times Thursday May 20 1982 


UK STEEL AND STOCKHOLDING HI 


Productivity boosted 
by manpower cuts 


THE WORKFORCE of the 
.-British Steel Corporation cur- 
.i-entJy stands at around 100,000 
- — less than half the total of 
the mid-1970s. 

Even this remarkable state- 
ment does not convey the speed 
with which the hulk of ihe huee 
manning reductions have been 
achieved. The 1979-80 financial 
year ended with 160,400 people 
working for BSC. By 1980-81 
120.900 were employed. 

The current 100,000 total is 
actually somewhat lower than 
the corporation's own expecta- 
tions, partly because of the 
recent disposal to Trafalgar 
House of Redpath Dorman 
Long, the heavy engineering 
arm which has 3,200 employees. 

A combination of closures 
and manning level reductions 
has led to the vast bulk of the 
reductions in recent years as 
BSC has struggled to achieve 
internationally competitive 
productivity' levels. 

Indications are that, when 
the results for BSC's per- 
formance in the 1981-82 
financial year, which ended in 
march, are published, produc- 
tivity levels will be shown to 
have improved as remarkably 


as its workforce has declined. 

Productivity, measured in 
man hours per tonne of liquid 
steel produced, has risen, from 
14.5 in 19SO-S1 lo 8.4 now, the 
figures will show. 

Profitable sleelmaking also 
depends upon high capacity 
utilisation and the corporation 
has been achieving a level of 
around 98 per cent of manned 
capacity. 


Flexibility 


The productivity improve- 
ments have called for more 
than the straightforward shed- 
ding of labour. BSC has had to 
achieve far greater flexibility 
from a workforce which once 
enjoyed a reputation for being 
strongly demarcation-conscious. 

Accomplishment of BSC’s 
productivity strategy has been 
helped by the atmosphere of 
crisis in the industry during the 
recession and by the fact that 
the corporation has been able 
to offer relatively generous re- 
dundancy terms. 


level and making local pay in- 
creases dependent upon the 
achievement of productivity 
improvements. 

The largest steel union, the 
Iron and Steel Trades Con- 
federation, threatened an over- 
time ban when the corporation 
indicated it coukl make nn 
national-level pay offer this 
winter. Subsequently the 1STC 
withdrew. Left.- a woman li 

Under a formula agreed 
between the two sides an 
element of locally negotiated mg concentrated nr»t only on 
productivity bonuses may be ^e direct production areas— 
consolidated into basic earnings which took the bulk of the 
during the second half of this early cuts — 'but among main- 
year, if the productivity im- tenance and staff workers. 

KSWT C0 “ 5idered “ Maintenance eonann.es a eon- 

sSt. althouBl. the produe- siderahly hiElier proportion nf 
tivity levels of BSC’s most “taur costs m some 

efficient plants are now up to J?” * h Ji 

good international standards, ? id e a 2L£E2i £ 

the corporation i s chasing a 
moving target This means that abiding ***• ® “J 18 ® 
the drive to reduce manning t>em R e 

levels and improve working further economies, 
practices will not come to an No precise, idi 
end. Today’s 100,000 workforce complement to pr 



Left: a woman in a man’s world— Mrs Lydia Skinner, managing director of RDM Metal Services Centres, specialists in stockholding steel M^alnmiJdt 
a special water table— designed to allow steel to be profiled more accurately — at the GKN steelstock profiling dmsi®n m tsnsroi 


Right 


the Steel Company of Canada 
has a capacity of 2lm tonnes 
and a workforce nf KJ.Oflll, 

BSC's redundancy and closure 
payments for 19S1-S2 are expec- 
ted to total £2U9 m. But. in spite 
of these payments to indi- 
viduals, the cost to communities 
where large numbers of steel 
jobs have disappeared has been 
great. Former steel areas are 


eluding tile management struc- now struggling to cope with 
ture—be being examined for some of the mos serious unem- 


Stainless steel 
matures at a 


expansion 
bad time 


The most important element can be expected to be closer to 


has however been BSC’s 
success in shifting pay negotia- 
tions from national to plant 


90.000 by the middle of this 
year. 

The review of manning is be- 


No precise, ideal manning 
complement to produce BSC's 
14.4m tonnes capacity has been 
identified but Mr Ian 
MacGregor, the chairman, has 
pointed out that, for example. 


Construction activity still depressed but restocking and advance orders lift consumption 

Structural sections demand improves 


UK DEMAND for steel struc- 
tural sections has strengthened 
in recent months but this has 
been attributed largely to some 
restocking and, in particular, to 
orders placed in advance of 
last January's price increases. 

Construction activity, which 
Is the main outlet for these 


cent last year after a similar 
fall in 1980. 

Consumption of light sections 
was down 19 per cent in 1980 
and a further 12 per cent last 
year to 242,000 tons while flat 
bars consumption fell 28 per 
cent in 1980 and 8 per cent last 
year to 2S1.000 tons. 


channels, imports accounted for 
nearly a third of consumption 
last year while the importers' 
share of flats bars was about 
20 per cent 


ploy meat problems in the 
country. 

BSC Industry, 3 corporation 
subsidiary, is actively involved 
with other agencies in trying 
to attract employment to declin- 
ing steel areas. 

It operates in a dozen loca- 
tions in England. Scotland and 
Wales and between April 1978 
and the end of last year it 
helped 900 businesses start up, 
develop or relocate in steel 
towns. 

An important feature of BSC 
Industry's work has been the 
provision of sets of small, 
flexible workshops developed on 
redundant steelworks sites, 
so m mimes enabling ex-sieel- 


WHEN British Steel Corpora- ing some 25 per cent between prefcensive supplier, 
tinn embarked on an ambitious early 1980 and mid-lPSl. Since However, after the 1880 Steel 
£]4nm expansion of its stainless the imposition of the European strike, stockholders remain 
steel production capacity at Commission crisis measures, wary and are continuing to buy 


Sheffield in 1974 the outlook was there has been a 10 per cent 
bright. rise and another 3 per cent is 

A bie nuclear power pro- srhecluled for the beginning of 


there has been a 10 per cent from traditional European and 
rise and another 3 per cent is other foreign suppliers. 


The largest segment of the 
stainless market is cold rolled 


gramme was in prospect and next month. stainless market is cold rolled 

There was ihe promise of brine- At the time of its expansion, sheet and strip, which goes into 

ins per cnpiia consumption BSC organised an aligned stock- a wide variety of consumer dur- 

levels up to the much hicher holder scheme under which six able products, heating and ven- 

Icvels in other major indus- leading stockholders would tilating ducts and building prtv 

irialised enuntries. receive the oroduct on advan- ducts. BSC supplies about 45 


levels up to the much hisher holder scheme under which six 
levels in other major indus- leading stockholders would 


irialised enuntries. receive the product on advan- ducts. BSC supplies aooirt 45 

BSC’s capacity was to be more tagenus terms in return for buy- pe ' «entofiaie i 80.0°° tomes J i 
an doubled to 220.nno tonnes mg 80 per cent of their require- year ^ consumed ^in the UK- 


of imports in this sector has sometimes enabling ex-si 
made it difficult to maintain worKers to sCart businesses 
price discipline. The 30 per Today there are worksn 


and the corporation aimed at ments from the corporation, 
increasing its UK market share ■ l » 

from two-thirds to three-quar- inner Circle 

tern. Cl „„V- Vnlilnn- „l-nr 


product,, remains very depres- 


sed and is still not showing the 
signs of recovery that many 
forecasters expected. 

Total orders received by con- 
tractors in the three months to 
January were 3 per cent lower 
than in the previous three 
months and 4 per cent lower 
than a year earlier. Construc- 


mer by British Steel Corpora- 
tion and Gnest, Keen and 
Nettlefolds, is oow the largest 


jo per cent. been knocked back to 5 per 

Price discipline In heavy sections; where BSC 

__ . ... , . is the only home supplier, slug- 

Tfte imposition of price disci- gj s n domestic demand has been 
pline measures by the European largely compensated by a 
Community last summer has strong export performance- 
cleared the way for some im- Exports account for about a 
provement in prices. Only those q Uar(er of B SC’s secti( , n ^les 

l a . n and have been boosted in the 

12,000 tonnes of Treaty of Paris vear bv a £55 m contract 


price discipline. The 30 per Today ihere are workshops fh ‘“ Ending pro- 

cem price rise at the beginning at Port Talbot Cardiff. Newport, ^. amrne came tf) P an e nd, both 
of the year, for example, has Blaenau Gwent, Corby, bum- (h(? and BSC’s overall 

heen knocked back to 5 per thorpe. Workington. Hartlepool, har hav shr J nk drastically, 
cent. Conseti. and Glasgow. 

In heavy sections; where BSC In a report published last ab !^ (Tno^tonnL^diJwn 

is the only home supplier, slug- month BSC Industry said that, 25** per cent from 1979 

gish domestic demand has been at the seven workshop coin- ' p ” C ™J farJVniw 

largely compensated by a plexes operating at the end of les. roin haH 

strong export performance. last year, a total of 19S units tion aSwleriL that 

Exports account for about a ven occupied by ^companies business has not 

quarter of BSC s section sales ? «£ been profitable for the past few 

and have been boosted in the further IB companies — with 92 vears 

past year by a £5 5m contract employees— had expanded to * ’ „ .. 


*■ Stock holders play an 

However, in the past two unusually important role in 
ars. as the spending pro- stainless markets, accounting 
amme came to an end, both for about 60 per cent of 
e market and BSC’s overall deliveries. This is because 
are have shrunk drastically, customers, notably in the 


Stockholders noted a distinct 
downward dip in demand at the 
beginning of the second quar- 
ter this year, reflecting, they 
suspect, a drop in consumer 
spending. 

The corporation's position is 
much stronger in hot rolled 
plate— about 70 per cent of the 
30,000 tonnes a year consumed 


• - - «iu«wv ivm uva a jr viu vvuuuuiw 

UK consumption last year was process plant area, often need demand from the nuclear, 

about 120.000 tonnes, down product urgently for repairs. food and brewing Industries is 
about 25 per cent from 1979, At first, the so-called “inner s jgu depressed, 
and BSC's overall share is now circle” scheme didn’t work well imnni* nenefratinn 

slightly less than half. The because BSC did not have a £ d^dlhS demart from the 
corporation acknowledges that wide enough product range to .nanparine industries in the 
its stainless business has not satisfy the large stockholders. S?t ipwyeare virtually efimi- 
been profitable for the past few Later it became less relevant £ at ed ^Briti^s^JreTrf^ c5k 


It dSBbS ff-ssurtaKKJ&'tsM * .MMMhtt.,.. •fto'SS&MSJSMS 2^*55*"*^ 5“.»s.ss“fij~2£j» 


conditions 

difficult." 


"extremely headquarters of the Hong- 

members of the general steels fc 0T1B an( j Shanghai Bank and 
group of the National Astoria- contracts worth S52m for 


Producers confirm that they tion of Steel Stockholders have the g e0U ) melrri- 


kong and Shanghai Bank and to December 1981, 30 tenants 
two contracts worth $52m for with 06 employees had decided 


have been under heavy attack 


tion activity was.\down 10 per. 'from' importers. In angles and 


agreed to follow this procedure. 
Nevertheless, the high level 


Ian Rodger 


against carrying on. 

Alan Pike 


have suffered from increases in With one or two minor ex- 
imnorta of all sorts of stainless ceptions, BSC now has a full 
products, from kettles to ash product line and is aiming to 


trays. 

Prices have been weak, fall- 


eonvince aM stockholders that 
it can be a reliable and corn- 


meet the stiff price competition 
and has clawed back albout 10 
per cent of the 20,000 tonne 
market. 

I. R. 


CENTRES LIMITED 















8 


UK STEEL AND STOCKHOLDING IV 



Flat-rolled sector 
in export drive 


. UK FINISHED STEEL PRODUCTION* 

(’000 tonnes) 

1978 1970 1980 1981 

Rods and bars for reinforcement 19.9 1849 13.6 13.4 

Wire rods and other rods and bars in 
coil 32.9 3L2 Ul3 23.1 


Revived 


'{& 1 


light sections other than rails — . 


32.9 

34 2 

194) 

22.1 

30-9 

3L5 

2041 

19.6 

10.0 

941 

645 

6.2 

64) 

645 

5.1 

44> 

4S 

4.9 

3.4 

4.1 


WHILE ALL sectors of the 
steel industry have felt the icy 
winds of the recession, flat 
rolled products have probably 
been shivering more than any 
other. 

BSC recognised in the 70s 
that it had far too much 
capacity considering the 
disastrous fall in orders from 
the automotive industry and 
engineering. As a result it 
closed the flat rolling mills at 
Ebbw Vale and Sbcfl&on and 
halved the work forces at the 
remaining three strip mills in 
Ravenscraig. Port Talbot and 
Li a ow era. 

The BSC Corporate Plan 
i proposed that the three strip 
mills should keep a manned 
capacity of 5.5m tonnes of 
liquid steel a year, linked lo 
improved cost performance and 
selling price. 

The corporation says it 
achieved a “ dramatic improve- 
ment " in productivity at the 
milts as a result of the cuts. 
Fty tbe past few months all 
three have been running “ flat 
out " on the new manning levels 


though they are well below 
their nominal installed 
capacity. 

BSC still has a long way to 
go. however, if it is to recap- 
ture its market share of the 
early seventies both at home and 
abroad. 

Imports now account for 
nearly half the total domestic 
consumption of flair rolled pro- 
ducts. BSC says this is partly 
a reflection of price and partly 
a reflection of the desire by 
British industrialists to buy pro- 
ducts from more than one 
source. 


Improvement 


To win back some of the 
ground R lost in Europe during 
the 19S0 strike, BSC launched a 
major export drive. It claims 
success despite the weak 
prices set by European com- 
petitors. 

The corporation's annual 
report for 19S0-81 pointed out 
that the BSC Strip Products 
Group, comprising BSC Strip 
Mill Products. BSC Tinplate and 


BSC Associated Products Group, 
showed a steady improvement in 
its financial performance during 
the second half of the financial 
year despite difficult trading 
conditions. 

Full time working at the three 
integrated strip mills has 
enabled tbe corporation to main- 
tain a consistent production 
rhythm and consolidate the 
gains from increased product- 
ivity. 

■Ait Lhanwern, tbe number of 
man hours required to produce 
a tonne of liquid steel was cut 
from around 9 before the 
steel strike to 4.6. At Port 
Talbot the average is now 5.7 
man hours for a tonne of liquid 
steel. 

The recession has affected the 
markets for hot rolled and cold 
reduced product's. Sales of 
galvanised sheet have increased 
slightly and the tinplate market 
generally recovered substan- 
tially last year after a disas- 
trous fall-off in 1980. 

Mark Webster 


Hot rolled plate and sheet In coll and In 

lengths 

Cold rolled plate rad sheet in coil and 


Cold rolled strip (rolled as sneh) 


Other eoated 24£ 2.7 

Tubes and pipes _ 2643 26.4 


Tyres, wheels,- axles and roDed rings ... 
Forgings 


36.7 

36.7 

35.7 

354) 

126.6 

140.9 

71.8 

114.4 

7L8 

74.0 

36.0 

58.1 

2L8 

21.4 

8.0 

4.7 

8.7 

S-2 

5.9 

3.6 

2L7 

21-3 

11,5 

16-5 

12.8 

16.2 

9.0 

13.1 

2.2 

2.7 

1.7 

2.7 

2643 

26.4 

184) 

22.1 

-1J 

1.1 

1.0 

LI 

1-8 

1.6 

1.3 

L2 

34) 

3.7 

3.3 

2.7 


* Weekly averages. 

Source: Iron and Steel Statistics Bureau. 


- ■ 

- 


r , -M : 



Tubemakers seek to 
avert price war 


r .■ - 

r ' ;* 


!—■ ' 

■ 







. - ' >*>*"**" 



BRITAIN’S steel stockholders 
~bave bounced back quickly from 
the ravages of price cutting and 
destocking in 1980 and early 
19S1. 

The price increases of last 
autumn and winter on most pro- 
ducts created instant stock 
profits and. so far, a sustained 
improvement in margins. As a 
result, the feared major shake 
out of weaker companies has not 
occurred. 

While underlying demand for 
steel still does not seem to be 
increasing, the stockholders be- 
lieve customer destocking has 
ended and they look forward to 
some recovery of ordering in 
the autumn. 

They are also relieved that 
last year's tension with the Bri- 
tish Steel Corporation over 
marketing tactics has evapora- 
ted. 

Among the leading, companies, 
including BSC’s stockholding 
subsidiary, British Steel Service 
Centres, the main concern these 
days, apart from demand, is 
that weaker companies are 
undermining margins in search 
of volume. 

Last summer, when stock- 
holders were brought within the 
group of companies subjected 
to the European Commission’s 
crisis measures, the require- 
ment to publish and adhere to 
price lists was imposed only on 
companies that delivered in ex- 
cess of 12,000 tonnes a year. 


recovery 


UK FINISHED STEEL* 

Estimated consumption in terms of crude steel eqidvdent 
C000 tonnes) 


Period 

1977 

1978 

1979 

1980 

1981 


Crude steel 
production Totalf 

392.5 397.8 934) 107.6 394.7 

390.6 - 400.0 . 924! 107.1 395.1 

412-3 409.8 95.1 I1L6 387.6 

216.8 240.0 117.1 66.2 307.0 

2934) 298.8 — — . — 

* Weekly averages, f Including stock changes. 

Source: Iron and Steel Statistics Bureau. 


Estimated 
home con-i 
Imports Exports sumpCumt \ 

934) 107.6 394.7 : 

924! 107.1 395.1 

95.1 11L6 387.6 . - 

117.1 66.2 307.0 


LASTT YEAR'S boom in demand 
for pipes by the U.S. oil indus- 
try made it an extraordinary 
12 months for suppliers 
throughout Europe. But the 
rapid collapse of the market at 
the start of this year has left 
manufacturers with the un- 
comfortable realisation that, the 
considerable excess capacity is 
about to be exacerbated by the 
commissioning of several new 
plants. 

It was the increasing attrac- 
tiveness to investors of oil 
exploration following price de- 
regulation which created the 
U.S. boom last year. Frantic 
pipe buying throughout Europe 
and elsewhere meant that the 
U.S. doubled its stocks and 
prices went up by as much as 
60 per cent. 

European producers, faced 
with sluggish demand at home. 


were quick to exploit the oppor- 
tunities in the U.S. However, 
the falling price of crude late 
last year, eroded the margins 
which had made exploration so 
attractive. At the same time, 
it became apparent that the 
U4S. market was heavily over- 
stocked. 


Competition 


Since the start of this year, 
U.S. suppliers have been 
anxious to de-stock and bring 
their own inventories in line 
with falling demand. In Europe, 
no new outlets have emerged 
and fierce competition has 
started between manufacturers. 

British tube makers say the 
windfall of the U.S. boom simply 
hid the fact that Europe still 
suffers from overcapacity. 

Some manufacturers believe 


the Italians have already started 
unloading tubes at lower than 
commercial prices, pushing im- 
ported steel tubes above their 
usual 20 per cent of the UK 
market. 

British companies fear a price 
war could soon start as com- 
panies try to maintain the 
volume of their sales. 

There is little comfort for 
tube makers in other sectors of 
the market Demand from the 
engineering industry has been 
depressed and the construction 
industry, which is a big con- 
sumer of low pressure pipes for 
ventilation and beating, has 
also been in the doldrums. 

Tbe outlook for tubes both 
big and small is as gloomy as 
it was before the U.S. boom. 
UK demand is poor, imports 
into the country are growing 


Undercatting 



A 4 STAND cold reduction mill in the BSC Uanwern strip 
mill. The number of man hours required to produce a tonne 
of liquid steel at the plant has been cut to nearly a half since 
the steel strike 


and there is considerable addi- 
tional capacity coming on 
stream in many countries for 
making the large guage pipe for 
the oil industry. 

However there is still a feel- 
ing among British manufac- 
turers that, provided competi- 
tion remains fair, they have a 
future in the world market 


Tube Investments, for 
example, believes it can main- 
tain healthy sales to the U.S. 
despite the end of the boom 
by relying on its reputation for 
quality. 

In the longer term, the ghost 
of overcapacity will continue to 
haunt tube makers. 

M. W. 


About 60 per cent of UK sales 
by stockholders are covered by 
this requirement Mr Notrman 
Richards, chairman of GKN 
Steeistock. said the smafler 
companies have had a great 
time undercutting the big stock- 
holders’ prices. 

The National Association of 
Steel Stockholders, whose 250 
members account for about 85 
per cent of the steel handled 
by stockholders, has been sup- 
porting moves to lower the level 
of sales at which a company will 
be required to publish its prices. 

It is now expected that the 
European Commission will drop 
the floor shortly to 6,000 tonnes 
and to 3,000 tonnes for special 
steels. 

Mr Richard Rawlins, director 
of NASS, estimated that this 
would extend coverage to about 


80 per cent of UK sales by 
stockholders. Some companies, 
including BSSC, would prefer 
to see the European Commis- 
sion’s disciplinary measures 
applied to att stockholders, 
although it is .acknowledged 
that surveiKanoe and -even 
identification would he difficult 

A year ago Mr Ian Mac- 
Gregor, tbe BSC chairman, 
startled the stockholding Indus- 
try by saying that as the cor- 
poration became more efficient 
it would he able to deal directly 
with customers who might 
otherwise buy from stock- 
holders. 

“I know the philosophy,” 
Mr Richards of GKN said. “It 
is called desperation.” - 

The stockholders responded 
by threatening to buy a larger 
portion of their steel - from 
foreign producers. They also 
reiterated a long held fear that 
BSC was engaging in unfair 
competition by selling steel at 
preferential prices to BSSC. 

Since then it has become 
clear-through published price 
lists — that BSC is not giving 
BSSC preferential terms. Mr 
Rawlins damns that the stock- 
holders have increased Iheir 
share of UK deliveries to over 
50 per cent in the past two 
years. 

On the other hand BSC 
reports it has recovered its 54 
per cent UK market share and 
the stockholders agree that 
they are taking more UK-made 
steel. So everyone is pleased. 

The corporation has also 
stuck to its 1974 undertaking 
that BSSC would not by 
acquisition take more than a 
15 per cent share of the stock- 
holding market. 

The group's share is esti- 


mated even after the £2m 
acquisition of Glynwed's general 
steel stockholding business in - 
South Wales in April, at 12 to 
13 per cent. BSSC says it has. 
no further acquisition plans at 
tbe moment 

However, BSC’s agreement- 
to Emit its stockholding share 
to 15 per cent was made at a 
time when the corporation’s ■ 
overall share of the British 
market was about 70 per cent. 
Having, tost a signtificrat por- 
tion of that share in the past 
few years, it might take the 
view that a larger share in . 
stockholding would be sensiblei 


Optimistic 


BSSC, which lost £7m before 
tax in 1980-81, has returned to 
profit in the past' year and is 
saad to be malting a 10 per 
cent return on capital. It has 
also been incorporated as a 
separate company rad the pos- 
sibility of bringing in outside 
equity capital has been raised, 
although BSC would almost 
certainly warn to retain control 
of a stockholder that buys 97 
per cent of its steel from its 
parent 

Tbe stockholders seem fairly 
optimistic about th eoutiook. 
Mr Rawlins forecasts that over 
the next year the volume of 
steel handled by stockholders 
could rise by up to 6 per cent 

Margins, which were almost 
non-existent a year ago, have 
gained about 20 per cent, he 
believes. But demand remains 
weak rad, because of substan- 
tial overcapacity, any recovery 
depends largely on price 
discipline being sustained, par- 
ticularly among producers. 


®sH 


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Financial Times Thursday May 20 1982 








THE ARTS 


e rs 


Lyttelton 


»n. SS 


• i ^ 

f n %. 

i-i si 

- >\ 4 


Uncle Vanya 

by MICHAEL COVENEY 


It is 20 years since Olivier When Miss Geras’s version 
directed tins play at Chichester tdoes This mean it is not a 
and * * iT L J* 1 ? following year, translation?) was first given at 
repeated his legendary perform- Hampstead Theatre in 1979. Ian 
“ce J Astro y T (opposite Holm's Astrov was rampantly 

AGchaJd Red^ave s Vanya) in obsessed with his vision of nre- 
b»n^niea£re sipaa^ra 1 serving the threatened Iand- 
season at the Old Vic. Pam scape. Dinsdale Landen— not 
3*“* ® J w 3 u>n ’ by always perfectly audible — does 

Jf Bogdanov, is the second something different in his great i 
Chekhov of the Peter Hall explicatory scene. He loses 
regime and a particular success interest in the charts and maps 
for one of its most outstanding with one sniff of Yelena'S hair, i 
ioyahsts Mjchae! Bryant. Like Vanya, he is done for. I 

Bryants Vanya tumbles into When he dives on top of her. i 
a « arde “ Bryant appears meekly upstage 

1 Wlt 1 a st ? n a , Dd and understands everything. His I 

1 ri^ Uc ^api th t° ne tJ luaibe l* lee huDch of rod roses all but I 
down stage to the oonstanr withers in his hand, 
samovar. From the start we . 

have a thoroughly detailed pic- ^hene Lungm has 
ture of the gnarled estate to play 1 

manager whose routine has ?“***■ her . a tota] 
been scuppered by the arrival beautiful ere 

of his employer, Serebryakov, . ^°Y e 35 
and his enchanting young wife, t ^ ,c * lon I s strongly 


Cherie Lungin has joined the 
company to play Yelena and 
makes of her a totally bewitch- 
ing and beautiful creature. With 
Patti Love as Sonya, the pro- 
duction is strongly served in 



IMS 


Yelena. With a handkerchief V* e scene where two young 
perched ludicrously on his head B l rts bu,ry the hatchet ta a show 

i__ ■ i . . . ■ nf tirmTibiiniK u;<-. t 


he rails against Serebryakov's 
useless scholarship and hollow 
eminence; the bile is shot 


of tumultuous relief. Miss Love, 
vaguely comic with a slightly 
inclined posture and deter- 


Elisabeth SoderstrSm in Katya Kabanova and Reoato Bruson In Simon fieccanegra 

New Theatre, Cardiff 

Katya Kabanova 


through with helpless expres- “w*®* gait, j S a perfect foil and 
sions of longing far Yelena summons a most moving, 
Like all those who rail and residual strength for her final 


carp against 
fortune, ihis 


others’ 

Vanya’s 


good speech. 


It all amounts to a solid, if 


reasonale objections are really unspectacular, evening, greatly 


only another way of giving vent 
to his own shortcomings. His 
life is an utter waste of time. 


enhanced by John Bury's 
design. The harsh Lyttelton 
proscenium is broken down by 


The Janacek cycle undertaken of the production — its beams of opera. One hardly expected Rita 
jointly by Welsh National and "psychological” spotlight msis- Gorris voice to have preserved 
Opera mid Scottish Opera tently flashing, its expressionist without wear and tear all the 
reached Katya Kabanova three poses, its playing of tile mer- vibrant amplitude of its prime; 
years ago, when David Pount- chant Dikoj as hmatic first it was thrilling, all the same 
neys new production opened in cousin to tile Wozzeck Drum to discover how much sheer 
Glasgow. After a long delay, the Major. One of the most moving vocal substance the Belgian 
Welsh company has now taken and beautiful things about one mezzo still has at her command. 


up its share of operations, with of the most moving and heauti- and how vigorously it can he 


suspended 


and shaped very much like a 


social accuse to indulge his whale. The furniture is of cane 
inner turmoil. The same applies and bamboo, with some beauti- 


to the overworked doctor, M l»ck projection to suggest gather ^ complex experience to and observant, closely meshed geois propriety; though not 

acTTVTO W h n »« nn «,...«h» 2 C-Z. i ^?*zr -describe; for it was an account acting, seems to have miscon- every word was clear, the 


Astrov, whose 44 once a month ” woodland and vast autumnal 
explosion involves a drunken skies. 

assault on the billiard table in Basil Henson is a comically 
Act 2 and a desperate lunge for pontificating bore as the pro- 
Yelena. Dinsdale Landen, like fessor. Daniel Thorndike sirit- 


describe; for it was an account 
of the work of notable dlstrnc- s trued. Flemish roughness of 

tion, given on a high level of On the title role Elisabeth Gorr*s English (the work is 

musical and dramatic accom- Sdderstrom lavishes all the sung in Norman Tucker’s trans- 

plishment, that left me more stage mastery, the sensitivity to lation) seemed even to add 

distant from, less emotion a lily musical and dramatic values, something to the impression of 
overwhelmed by, the opera than the lustrous eloquence of bear- crude power mercilessly un- 
several less expertly finished mg and word-utterance, for leashed. 

performances have done. which she is famed. Everything, Dennis Bailey's Boris, not 


Flemish roughness of Miss 
Gorr’s English (the work is 
sung in Norman Tucker's trans- 


Bryant, is on the verge of lonelv 
middle age, even though he is 
some years younger and 
palpably more attractive. 


tely ably vacant and dithering as 
£ is old “ Waffles,” and Madoline 
and Thomas reassuringly predict- 
able as the old Nurse. 


several less expertly finished 
performances have done. 


The reasons for this can. I I would say, that it requires — 


Dennis Bailey's Boris, not 
beautifully but passionately 


think, be found principally in except animal vitality. More voiced, cuts a striking figure, 


Elizabeth Hall 


the .production style, and in than once I found myself ad- 
the performance of the title role, miring the excellence of the 


the wholly delightful younger 


Stravinsky 

Celebration 

by DAVID MURRAY 

Igor Stravinsky was for a The paces of the Pianola were 


Mr Pountne's staging, as vivi- artist; hardly at all was I 
fied in Maria Bjomsoa’s Munch- caught up in the plight of the 


miring the excellence of the couple are Arthur Davies and 
artist; hardly at all was I Cynthia Buchan (sole survivor 
caught up in the plight of the of the Glasgow cast) and David 
character. Miss Sdderstrdm's Gwynne tears with appetite 


j time the honorary President of further shown off by the Etude should properly be opposed to of a younger and iess practised 


English 


Festival, composed 


which marked the centenary of arrangements that Stravmsky of nature ^ ^ river, is con- The Cardiff revival confronts 

his birth with Tuesdays con- made for the maefame. the Piano fusing: one can’t be sure exactly this fascinating Katya with a 

cect ( the only 20th-century pro- Rag Music (which perhaps needs where home ends and river brilliant and daring choice of 

gramme in the EBF this year), a touch of wayward Me) and begins (or indeed, where the Kabanicha, at the same time 


John Carewe conducted the 
Suite from L'Histoire du soldat. 
and Renard — not, as origin- 
ally intended, with dancers — 
and a rarity: the portion of Les 


sections from the Petrcruchka 
and Sacre du printemps ballets. 
(Apparently Stravinsky com- 
mitted several of his scores to 
piano-rolls, by way of docu- 


influenced designs, offers a character. Miss Sdderstrdm's Gwynne tears with appetite 
heartfelt and thoroughly com- soprano, less freely caught and into the exaggerations of beha- 
mitted view of the work which heard than on the Decca Katya viour worked up for Dikoj — 
appears to have seriously under- recording, seemed in better however one might measure the 
valued Sts most important shape than in other recent live performance as a whole, for the 
features— naturalness, dramatic encounters; it rode the vocal thoughtful and finely alert 
and musical concentration, con- line, gracing the phrases with character of its ensemble acting 
cision of characterisation, avoid- the considered touches of a there could be only praise, 
a nee of all melodramatic arti- mature singing-actress. What it Praise, too, for Mr Armstrong’s 
fice. The actual topography of lacked, finally, was what the conducting of an orchestra 
the settings, in which the suffo- whole portrayal lacked— free- keyed up to its most respon- 
cation of the Kabanicha's home dom of resources, the slancio sive form: if much of the sing- 
sbould properly be opposed to of a younger and less practised ing and playing, in the “ close- 
the finally destructive freedom player. up” acoustics of the New 

of nature and the river, is con- The Cardiff revival confronts Theatre, verged for the first 
fusing: one can’t be sure exactly this fascinating Katya with a two acts on unvaried foreeful- 
where home ends and river brilliant and daring choice of ness, the marvellous freedom 
begins (or indeed, where the Kabanicha, at the same time of Janacek’s laconically lyrical 
river actually is). returning to the British stage Invention came through with 


river actually is). 


returning to the British stage 


A parallel imprecision can be after a long absence one of the 
noted in the over-heated effects major performers of post-war 


new freshness. 


MAX kOPPERT 


Noces that Stravinsky scored menting his intentions regarding Cnvpnt Garden 

i j tfvmwii tmri cn ■fnrf'Ti \ Thow nil VUVvill UhIUCII 


for player-piano and cimbaloms, 
desides more familiar instru- 
ments, before he hit upon the 
pianos-and-percussion ensemble 
that we are used to now. 


tempi and so forth.) They all 
sounded well-honed, and less 
percussive — certainly less loud 
— than expected. Carewe’s 
spirited account of L’Histoire du 


Simon Boccanegra 


What had discouraged "jrtjk f-JjSf'ShESSSi The Royal °P era obviously ings, and that she sang with the 
Stravinsky, evidently, was the has every intention of getting radiant tone that accompanies 

problem of synchronising the P®roommices o of my mma, f^g money's worth out of Filippo her reputation. Alas, that vocal 
mechanical player-piano with more than Les Noces had ganj^g jggo production of quality was only intermittently 
live musicians; last night Rex <wue. Simon Boccanegra. Tuesday apparent (though more obvious 


Lawson manned a 1915 Pianola, 
which permits speed to be 
discreetly varied as necessary. 
His part sounded well (it 


The particular success of the 


.Simon Boccanegra. Tuesday 
saw the opening of the second 


apparent (though more obvious 
as the evening wore on), and 


includes effects impossible for had a splendid band of players 
one pianist, and risky if with him. The score snapped 
divided among several pianists and tingled, between the rendi- 
— a.? some of them are in the tions of the cheerfully ferocious 
final version), but really the little March that opens and 
nasal snarl o? the cimbaloms is closes the work. The sung action 
what defines the sound of this was led by the tenors Harry 


evening was Reward, even un- revival within six months; were her contribution to the staging 
danced. One of the cimbaloms the production itself more care- was at best uncertain. Brought 
was welcomed back, and Carewe fully detailed, its sets less in for a single performance in 


fully detailed, its sets less 
inspid, there would be no need 
to complain. The present per- 


an occasionally clouded tone and 
lack of dramatic conviction took 
the edge off his assumption. 

But it was Bruson ’s magis- 
terial Boccanegra that redeemed 
the performance, consistently 
providing the spark that was 
more or less lacking everywhere 
else. In the prologue, bis actions 


Sadler’s Wells 


MacMillan Ballets 

by CLEMENT CRISP 


Was it really 27 years ago 
that we first saw Lewises Can- 
certantes, and 22 years since 
The Invitation gripped the 
imagination? Memory and the 
Weil’s programme assises us 
that it as so, but these two 
early pieces have lost 

nothing in theatrical impact 
in the intervening years, and 
looked in fine and enduring 
shape on Tuesday night. 

The Invitation benefited on 
this occasion from a taut inter- 
action between its quartet of 
principals. Marion Tait, of 
course, has made the role of 
the girl very much her own, 
and she presents the destruc- 
tion of innocence with not one 
folse or over-stressed move, 
while Desmond KeHy has 
absolute command of the role of 
the Husband, catching all his 
insensitivity, his sexual greed, 
and his remorse. 

New to London were Galina 


Samsova as the Wife, a 
(diameter whom she plays with 
the gentlest but most piercing 
emotional effects— -her ability to 
convey the subtlest emotion 
never more true than when 
watching her husband Sint with 
the girl, and then later observ- 
ing trim as he implores the 
girl’s forgiveness in -the garden 
— and Roland Price as the 
Cousin. 

Mr Price looks the youngest 
incumbent of the role since 
Christopher Gable, and though 
be misses something of the 
boy's physical urgency in the 
first scenes, he seems, by the 
dancing lesson, to be playing 
with an almost intuitive right- 
ness. The duet with Ihe Wife 
in the garden was an excep- 
tional portrait of awakening 
feeling; the last meeting with 
the girl wonderfully judged in 
tenderness. Powered by four 
such performances, The Invita- 
tion gripped as it always has. 


The opening Danses Con- 
certantes seemed freshly 
studied: the accents and quick, 
nervous impulses of the 
choreography were as (fleer as 
one would w&sh. Siobhan 
Stanley has the right elegance 
for the ballerina’s worldly 
solos, and Roland Price has now 
imposed his own long line and 
fluent phrasing on a r ole m ade 
for the buoyant and strongly- 
muscled style of Donald 
Britton. 

The company give an alert 
reading of the work, as they do 
of Elite Syncopations, wiridh 
they may now claim to have 
made their own. Their manner 
is less slickly brilliant than 
■that of the Opera House troupe* 
but liveliness and charm— and 
especially Chenca Williams and 
Alain Duhreuil, Christine 
Aitken and Carl Myers, in their 
various duets — bring their own 
happy rewards. 


Wigmore Hall 


Uchida’s Mozart 


but for a few hours its point- four inner frames rach cream- almost entirely new cast, but ful of all operas is its essential placed in the service of whip- 

lessness is suspended by a and shared verv much likp a wlh the conductor. Richard simplicity, and it is this that lash characterisation, not less 

social excuse to indulge his whale The furniture is of cane ^ rms , tn ? g ’ 01 **** G,as S«w rua. Mr Bo money’s production, for terrible or disturbing for being 

inner turmoil. The same anniw fcJSr Tuesday’s premiere was a all its qualities of commitment filled with details of fussy bour- 


DOMINIC GILL : 


all its qualities of commitment filled with details of fussy bour- 


an u iff ami liar and unconvincing had an appropriate litheness, the 
production she was on a hiding young pirate cutting a dashing 

f ... s . . 1 - , . £n.., ..hi). <4,1, 


and tingled, between the rendi- formances are conducted by to nothing, and not surprisingly figure, while he dominated the 


Edward Downes, and bring to showed some nervousness. 


rest of the opera simply by vocal 
splendour. every phrase 


draft of the music. One can’t Nicoll and Ian Caley with great 


help regretting that Stravinsky 
gave them up in the end. 
Carewe got a clean, lively 
performance from his EBF 
forces; the strong solo singers 
included Marie Angel and 
Kerry Brown, whose vivid 
contributions drew the ear at 
once — interesting timbres, 
confident attack. 


little March that opens and the Royal Opera House a new An uneasy Amelia was part- splendour. every phrase 
closes the work. The sung action Boccanegra in Renato Bruson nered by a gauche, coarse- sovereignly controlled, the tone 
was led by the tenors Harry and a new Adorno in Franco grained Adorno, for Mr Bonisolli burnished brightly. His “Piango 

Nicoll and Ian Caley with great Bonisolli. was content to deliver his part su voi was the Jhigmignt, ana 

dramatic relish, excellently For the first night there was in gouts of rough tone, cutting its sheer beauty brought out the 

supported by Henry Herford a new Amelia also; because of through the Council Chamber best m Miss DOse s singing also, 

and Richard Wigraore. One isn’t family illness Kiri te Kanawa ensembles like a circular saw. Mr Downes conducted a cogent, 
likelv to hear a better perform- had to return to New Zealand, More vocal distinction was sup- unhistnomc account that pro- 
ance nor a more communicative though she will sing in the plied by Jonathan Summers and vifled the cast with a Sturdy 


dramatic relish, excellently 
supported by Henry Herford 
and Richard Wigmore. One isn’t 


one (though it was done in 
Russian). Such unlooked-for 
pleasures do seem to crop up 
in the EBF schedule, constantly 
in hazard though it may be. 


remaining fouj- performances. 


The replacement was Helena piemen tary Paolo and Pietro, 
Dbse. It would be gratifying to believably rather than melo- 


Roderick Earle as a neatly com- platform had more of them been 
piemen tary Paolo and Pietro, disposed to take advantage of it. 


be able to say that Miss Dflse 
fitted easily into the proceed- 


believably rather than melo- But the wishy-washy settings 
dramatically conspiratorial, and cannot encourage much vitality, 
by Robert Lloyd’s Fiesco, though ANDREW CLEMENTS 


Since winning second prize 
at Leeds seven years ago, 
MItsuko Uchida has proved 
herself in her many London 
appearances to be an outstand- 
ing and richly rewarding artist. 
She has concentrated until now 
mainly on the Romantic reper- 
toire (though a couple of Haydn 
and Beethoven sonatas have 
been notable delights); but her 
latest enterprise takes heir out 
of that period entirely with a 
series of five recitals this month 
and next at the Wigmore Hall 
devoted to the complete piano 
sonatas of Mozart 
It is the commonly received, 
and perhaps understandably 
misconceived, wisdom that 
Mozart's keyboard sonatas, 
charming as many of them are, 
do not really contain has best 
work for the medium. It is 
true that few of the sonatas, 
considered whole, bear compari- 
son with the scale and force of 
utterance of the greatest of the 
concertos— if such "comparison” 
were useful, which it is surely 
not; and that some of the finest 
of all Mozart’s piano writing 
is also to be found in the four- 
hand, and shorter solo, works. 


But the fact remains that the 
sonatas do contain in them- 
selves some of the most remark- 
able, original and beautiful 
music written by Mozart for 
any instrument; that (one or 
two favourites apart) they are 
comparatively rarely, and still 
less often very well, performed; 
and that they are probably still 
the most underestimated, and 
thus neglected, corpus of music 
by any major composer. 

All the more praise then to 
Miss Uchida for taking up the 
challenge — and for rising to it, 
as she did at the first recital 
of her series on Tuesday even- 
ing. with such freshness and 
authority. The playing, % it 
turns out, in technique and 
spirit is almost ideally suited 
to the subject: expressive with- 
out ever being prettified, excit- 
ing without being overblown, 
marvellously concentrated 
without ever seeming prissy or 
pedantic. She began with three 
of the six sonatas composed in 
Munich in 1775, seeking out in 
each its peculiar character — 
the powerful K280 in F major, 
full of urgent contrasts, poised 
around its adagio centre (per- 
haps the most strikingly and 


sparely “Beethwenian” move- 
ment of Mozart’s entire 
oeuvre); the better known D 
major K284, in whose first 
movement the greatest pianists 
have been heard to come m* 
explicably adrift — where not 
merely the tiniest fluff, but the 
slightest maladrooitness of 
accent can throw out of joint 
a whole paragraph — which 
Uchida delivered with brilliant 
nervous panache; and the 
extraordinary finale to K283 in 
G major, made as dramatic, 
and as exciting, as I have ever 
heard it 

She ended this first pro- 
gramme— her list is not 
chronological — with the later 
sonata in B flat K333 (dated by 
the latest evidence as a con- 
temporary of the Linz 
symphony, around 1784), whose 
great andante she shaped with 
simple eloquence, every measure 
a fine distillation of gesture and 
colour, and caught with splendid 
agility the grand orchestral 
scale, the glitter as well as the 
tender lyricism, of the finale. 
No one who loves Mozart, and 
who loves the piano, should 
fad] to take in as much of this 
series as they can. 


Saleroom 


Munnings stays in favour 

by ANTONY THORNCROFT 


** Shrimp leading • ponies 
across Ringland Hills ” by Sir 
Alfred Munnings said for 
£30,800 at Sotheby’s yesterday 
in a sale of modem British 
paintings which totalled 
£409,541, with 26 per cent un- 
sold, a high bought-in total 
given that modem British pic- 
tures have been one of the 
strongest sectors of the art 
market in the past year. 

However, Munnings always 
remains in fashion, his “The 
Devon and Somerset Hounds ” 
making £19,800. The same 
price acquired “Reverie” by 
Sickert u A woman in the 
fields” by Sir George Clausen 
was sent for sale by the West- 
minster City Council and 
realised £14,850, and a portrait 
of the Emir Faisal by Sir Wil- 


liam Orpen made £13,200. 
Three paintings by Sir Winston 
Churchill sold for £7,260, £6,260 
and £3,520, the last two coming 
from the collection of Miss 
Arabella Churchill 

Among the paintings which 
failed to find buyers were a 
portrait of Miss Lily Ireland by 
Augustus John; “ Sacred Love,” 
an important work by Isaac 
Rosenberg; and other paintings 
by Sickert 

A record auction price for a 
potiid of £3,000 was paid at 
Phillips yesterday for a lid en- 
titled *' The Spanish Lady.” It 
was sold by a Midlands dealer 
who acquired It in a job lot 
and had little idea of its value. 

The last furniture sale to be 
held by Sotheby’s at its Bel- 
gravia saleroom before it moves 


all its activities to Bond Street 
totalled £32,855. The top price 
was the £1£10 for a papier- 
machd side cabinet of around 
1850. Sotheby’s has now fol- 
lowed the Christie's practice of 
adding the 10 per cent buyers 
premium to its announced 
prices. However, VAT on the 
premium has to be paid on top 
of the reported prices. 

A second edition of Holins- 
hed’s “ Chronicles,” the source 
for many of Shakespeare’s 
historical plays, sold for £10,800 
at Christie’s yesterday to the 
London dealer Ma ggs. The 
vendor had bought it six months 
ago for £240. A four, 10S5, 
edition of Shakespeare made 
£3,240 and a 1632 second folio 
£3.024. A first edition of “The 
Faerie Queene ” by Spenser 
went to Traylen for £2,916. 



SADLER’S WELLS THEATRE. ECI. CC 
27B 8916/0 (5 lines*. Grp. Sales 379 
6061. 24- Hr. Instantly confirmed res. 
ZOO 0200. _ „ „ 


GLOBE. 5 CC 437 1592. Mon-Frl 7.50. 
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F.T. CROSSWORD 
PUZZLE No. 4,876 

ACROSS 

1 Flowery form of Maoism (6) 

4 Judge of a musical instru- 
ment (S) 

9 Everyone in drag is fat (6) 
10 Key kept in the cupboard 
(8) 

12 Return the Irish Police— 
that could cause a shock (8) 

13 A hood— 4haf s the end (6) 

15 Loaned by those who want 
information (4) 

16 Comparatively cruel as 
Atropos was (7) 

20 Aspects include the right 
expressions (7) 

21 There's something not quite 
straight in this city (4) 

25 Stick a notice in this place 

C6> 

26 One enters the church to 
give service (8) 

28 “The quality of meocy is 

not ” (MoV) (S) 

29 A hot drink for example, 
gets a medal in return (6) 

30 What a fool to call with a 
bird (8) 

31 Here is the plot— it is Ml 
wrapped up (6) 

DOWN 

1 Time the communist 

cherished (8) 

2 The fruit of invasion (8) 

3 Good fellows left aboard (6) 

5 Irritates, we hear, the air- 
craftmen (4) 

6 He does not miss much of 
the game (8) 

7 Keep the Siamese In the 
study (6) 

8 Casual money order (fi) 



U Mk me in for the pictures 27 Mother gets to be tribune 
l*/ (4) 

14 Little by little after infer- Solution to puzzle No. 4875 


14 Little by little after infor- 
nation that is comprehen- 
sive (7) 

17 The girl to enchant a Scot 
( 8 ) 

18 Td get up with a pick-me- 
up to scale (S) 

15 " What woeful stuff this 

■would be ” (Pope) (8) 

22 FeJix out of bed — what 
sauce! (6) 

23 He’s in the cart— it means 
punishment to take it (3, 3) 

24 Unruly member from Rome 
( 6 ) 


□aaaQaaaaaaaao 
yang a □ □ q 
anana gnannnnna 
u a a a B □ ts pi 
□aaaaata ■ aaaaQau 
g □ o n a 
Sagan. aanaanaQu 
o 3 □ □ in n 
□Baannaaa •□aaao 

□ B □ □ Q 

□□□□ana aaanaaa 

□ aansonn 

goaainnnnn*: cassia 

SuBnaniun 

CjHQQaasauuaanEi 








Financial Times^ Thursday May 20 1982 


FINANOALTTMES 

BRACKEN HOUSE,; CANNON STREET, LONDON EC4P 4BY 
Telegrams Finantimo, London PS4.TeIex: 8954871 
Telephone: 01-2488000 


Thursday May 20 1982 



ONE OF THE more significant 
civil aviation decisions confront- 
ing Lord Cockfieid, the new 
Secretary for Trade, is whether 
to permit direct competition on 
the domestic trunk air routes 
between Heathrow and Glasgow 
and Edinburgh. British Air- 
ways has monopolised these 
routes for nearly 40 years. 
British Caledonian offers com- 
petition, but only from Gatwick. 
What Lord Cockfieid has to 
decide is whether to allow an- 
other independent. British 
Midland Airways, to compete 
directly with British Airways 
out of Heathrow. 

The matter has been out- 
standing since February last 
year. when. British Midland 
first applied. The Civil Aviation 
Authority, after a public hear- 
ing. admitted the virtues of com- 
petition on the trunk routes, 
but rejected British Midland's 
bid because the C AA felt it had 
a duty not to undermine the 
economic strength of existing 
licence holders in the current 
recession. 

British Airways, having last 
1 145m in 1980-81 and well over 
£200m in 19S1-82 ,Ls trying to 
claw its way back into profit, and 
argued that its efforts could be 
jeopardised if it lost domestic 
trunk routes, or was forced to 
share them. The CAA threw 
out the British Midland bid, 
whereupon the independent 
appealed to the Secretary of 
State, upon whose desk the 
matter has rested since Novem- 
ber. Lord Cockfieid took over 
the job last month and is still 
reading himself into it 

Unfairly treated 

The problem he faces is 
whether the CAA’s desire to pro- 
tect an existing licence holder 
is outweighed by the likelihood 
of improved service to the pub- 
lic by permitting direct com- 
petition with British Airways 
on the domestic trunk routes 
out of Heathrow. 

British Midland says it is not 
seeking to displace British Air- 
ways, or to indulge in price wars 
on the U.S. pattern, but to tty 
to pick up about 20 per cent of 
the lm-plus passengers a year 
by offering improved service at 
cheaper rates. British Midland 
aiso feels unfairly treated be- 
cause it has taken nearly 16 


months to get nowhere, whereas 
British Caledonian won the Los 
Angeles route within 90 days of 
the Laker collapse. If the licen- 
sing machinery can move that 
fast, why not for domestic 
routes? 

The Government, and the 
CAA, have already shown them- 
selves in favour of controlled 
liberalisation of civil aviation 
by allowing more competition 
on the Hong Kong route and 
greater freedom to fix fares on 
the North Atlantic and, only 
this week, by suggesting to 
foreign governments that “seat 
only” tickets should be sold on 
package tour holiday flights. 

Experiment 

On every international air 
route, direct competition is ac- 
cepted. with a British airline 
fighting a foreign one. But on 
the domestic trunks the prin- 
ciple is disallowed. The CAA 
admitted its virtues, but shied 
away from implementing it It 
is now in Lord Cockfield’s gift. 
If he does not want to deprive 
British Airways of the routes, 
he could license a limited com- 
petitive British Midland service 
for an experimental period of. 
say, a year. If the results were 
beneficial to the public he could 
confirm the licence. 

If British Midland failed, it 
would demonstrate that the 
domestic trunk routes were 
being adequately served. Lord 
Cockfieid. and the pufbHc, have 
nothing to lqse by allowing the 
experiment to proceed. 

It is in any case arguable 
that short-haul domestic routes 
within the UK are more suitabie 
for a small, tightly run airline 
with low overheads than for a 
large international company 
such as British Airways. One 
of the valuable consequences of 
de-regulation in the U.S. has 
been the emergence of just such 
low-everhead regional airlines 
whose operating costs are well 
below those of the bigger 
national carriers. British Air- 
ways might argue that with its 
new management structure and 
•its more aggressive approach 
to cutting costs, it can provide 
a service on domestic routes 
competitive with anything a 
smaller airline might foe able to 
offer. But this proposition 
should be put to the test The 
market can deride the outcome. 



to play for 
in Germany 


THE WEST GERMAN economy 
has shown remarkable resilience 
this year, chalking up a num- 
ber of important good marks. 
Many another country might be 
envious of the record. 

Achievements 

Count Otto Lambsdorff, the 
Economics Minister, listed some 
of the achievements this week 
in a spirited reply to the Federa- 
tion of German Industry’, whose 
annual report had painted a 
gloomy picture of the general 
outlook and. in particular, 
severely criticised Government 
poiicy. 

The current account he said, 
was turning around after three 
years in heavy deficit; business 
earnings were improving; the 
inflation rate was coming down, 
and so were interest rates. 

But this does not mean that 
the known problems of 
economic and fiscal management 
have been solved hy several 
weeks of anguished bargaining 
bet wen the coalition partners 
and with the Christian Demo- 
cratic apposition. Same quite 
critical decisions have been 
shelved. In other instances, 
where decisions have been 
taken, their effectiveness 
remains to be tested by events. 

This is true especially of the 
reflation programme which has 
been agreed within the coali- 
tion. The centre piece of the 
programme is a 10 per cent 
investment premium available 
on those investments of a 
business exceeding its average 
annual investments in the last 
three years. Its effect will be 
enhanced by the lowering of 
interest rates which the recent 
strength of the current account 
has permitted. 

But it is by no means certain 
that industry will rise to the 
bait of the investment premium 
offered from Bonn. Business 
profits, the most obvious invest- 
ment incentive, may, indeed, be 
rising as Count Lambsdorff 
pointed out. But they are 
doing so from a low base. 

Tests carried out by the 
authoritative IFO institute in 
Munich showed a steady decline 
of business confidence during 
the first quarter of this year 
—admittedly before the latest 
fiscal and monetary conces- 
sions became known. The 
investment premium is unlikely 
to have more than a marginal 
impact upon that frame of 
mind. 

Sponsors of the premium 


hope that it will generate in- 
vestments of DM 40bn (about 
£9.5bn) by the end of 1984. 
That figure has to be assessed 
by setting it against total in- 
vestment expenditure of 
DM 354bn shown in the 
national accounts for 1981 
alone. 

Nobody at present has any 
firm idea where the DM 4bn 
in premiums corresponding to 
the hoped-for extra invest- 
ments is to come from. The 
coalition decided to leave that 
to the budgets for the next two 
years on the not unreasonable 
argument that, because of the 
usual time lags, most of the 
money will not be needed 
earlier. 

The snag is that only limited 
progress has been made with 
restructuring the federal budget 
to reduce deficits. A year ago 
it was decided to hold the net 
borrowing requirement for 1982 
to DM 26bn. But next month a 
supplementary budget will raise 
that ficure to DM 32bn, largely 
because high unemployment has 
required increased subsidies to 
the national insurance system. 
This problem will not go away 
even if the economy gathers 
pace late tins year, since 
unemployment is expected to 
stay high in any case. 

Dr Manfred Lafonstein, the 
new Minister of Finance, there- 
fore faces a difficult obstacle 
course before presenting tiie 
outlines of the 1983 budget to 
the cabinet next month. He 
must pick his way between the 
Social Democrats' reluctance to 
cut welfare transfers, even 
though some of them are of 
doubtful value, and the Free 
Democrats' unwillingness to 
increase income tax rates at the 
upper margin. 

Economies 

Choosing between economies 
and higher revenue, or finding 
a reasonable mix is something 
that Bonn cannot postpone 
indefinitely unless hope of re- 
structuring (he budget is to be 
given up. An economic revival 
would bring only limited relief 
on the revenue side, partly 
because of continued high un- 
employment, partly because no 
sufficiently strong revival is in 
sight. In spite of the sohd 
achievements listed by Count 
Lambsdorff, all remains to be 
played for both in the contest 
over the budget and in the 
struggle for economic expan- 
sion. 


EEC FARM VOTE 


How Britain was 



By John Wyles in Brussels 


B RUSSELS derives a percep- 
tible thrill from EEC crises. 
To the people in and 
around Community institutions, 
they are a perverse, but none 
the less delicious, reward for all 
the unremarked effort put into 
trying to make the Community 
work. 

When the dimensions of the 
crisis seem more serious than 
anything experienced for 16 
years, they also produce a 
panicky quest for self-justifica- 
tion. Blame is freely allocated 
elsewhere for the difficulties in 
which all now find themselves. 
Such fevered atmosphere does 
not encourage balanced judg- 
ments. The general consensus 
here that Britain’s humiliating 
defeat over farm prices was 
pretty much what she deserved 
is inevitably deeply suspect 
Oth er conclusions are less dis- 
putable. They are that Tuesday’s 
adoption of the farm package 
by an unprecedented majority 
vote involving only seven mem- 
ber states has done enormous 
damage to the slender bonds of 
trust and confidence between 
Britain and her EEC partners. 
This in nun will do consider- 
able short-term and possibly 
serious long-term harm to the 
British public's already weak 
attachment to the Community. 

With the Falkland s dispute 
so finely balanced, this may 
only rank as 11 the other crisis ” 
as far as British public atten- 
tion is concerned, but the angry 
headlines in yesterday's UK 
popular Press will have their 
impact 

Lastly, the Seven's blunt re- 
fusal on Tuesday to acknow- 
ledge Britain's right to exercise 
a veto over the farm price 
package until her dispute over 
Community budget payments is 
settled has plunged the EEC 
into a constitutional and pro- 
cedural quandary which will 
need to be resolved before any 
more controversial decisions 
can be taken. The Luxembourg 
compromise requiring unani- 
mity on any issue which a 
government says involves an 
important national interest has 
been the basis of EEC decision- 
making since 1966. Never be- 


Majority EEC farm vote jolts Britain 

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Peter Walker, UK Agriculture Minister: a restrained Commons statement 


More generous to 
the UK than 
many had expected 


fore has a government’s invoca- 
tion of the compromise been 
first challenged and then 
ignored. It may have no legal 
force, but its political vitality 
has not been questioned. As 
a shelter for the protection of 
national interests, the Luxem- 
bourg compromise was an im- 
portant factor not just in 
Britain’s decision to join the 
Community but also in the case 
of Greece and Denmark, as 
their refusal to take part in 
Tuesday’s vote demonstrated. 

These countries were not 
however, opposed to the con- 
tents of the package which are 
based on the highest single 
farm price increase, 10.7 per 
cent in Community history. And 
neither was Mr Peter Walker, 
Britain’s Farm Minister, after 
he had secured an amendment 
or two on Tuesday. Indeed, the 


Government has no option but 
to apply the new prices in the 
UK from today since any farm 
producer who was refused them 
would have a cast-iron legal 
case. Their adoption 'did not in- 
fringe EEC law. merely estab- 
lished procedures. 

It was the knowledge that 
Britain was basically satisfied 
with the package which enabled 
the governments in Paris, Rome 
and Bonn to convince them- 
selves that the Luxembourg 
compromise was being im- 
properly applied by Mr Walker 
because it was really about 
securing a satisfactory budget 
deal. This is how they justify 
an action which the British were 
absolutely certain woifld never 
occur. In retrospect, it is clear 
that London miscalculated and 
the lever which was expected to 
deliver a budget deal has come 
off in its hand. But why were 
the others prepared to take such 
political and procedural risks t 

Several factors were at work 
and it is too early to say which 
was predominant An important 
part of the explanation begins 
with the May 30 1980 agreement 
which reduced Britain’s pay- 
ments to the EEC budget in 
1980 and 1981 and left open the 
prospect for a comparable 
arrangement for 1982 which 
now remains that last best hope 
for an early end to the budget 
confrontation. 

At the time, two things 
seemed important about that 
agreement The first was that it 
was more generous to the UK 
than many observers had ex- 
pected and most of the other 
eight Governments in the Com- 
munity of Nine had wished. In 
effect, it returned to the UK two- 
thirds of Britain’s expected net 


payments to Brussels in 19S0-8 L 
Although Mrs Thatcher was not 
greatly Impressed by the terms 
it was seen in Community circles 
as a triumphant vindication of 
her tough “iron maiden" 
approach to EEC politics. More- 
over, it was secured with the 
help of a threat to veto the 1980 
tarn, price increase. 

The 1980 agreement was also 
intended to open the door to a 
longer term arrangement to 
limi t Britain’s payments through 
specific measures and by re- 
structuring Community spend- 
ing away from agriculture — 
from which the UK gains much 
less than everybody else. 

These policy changes and a 
longer-term deal on tbe budget 
(grouped together in Com- 
munity jargon as "the man- 
date”) were, under the agree- 
ment. to be settled in parallel 
by the end of last year. 

The Community’s failure to 
make ibis deadline started the 
real test of Britain's political 
strategy. After an inconclusive 
budget negotiation in January, 
an exasperated Lord Carrington, 
then British Foreign Secretary, 
indicated that Britain would 
revert to its 1980 strategy and 
block a farm price rise this 
spring unless there was decisive 
progress on Britain's budget 
demands. 

The Carrington warning set 
alarm bells ringing in other 
Community capitals and fuelled 
a general sense of grievance 
about the way the May 19S0 
agreement had operated. 

By the spring of this year it 
had become embarrassingly 
clear that the other eight had 
been outnegotiated. In fixing 
rebates against Britain's fore- 
casted payments for 1980 and 


1981, they had given in to 
British pressure to develop a 
“ risk-sharing " formula, which 
would have increased the 
rebates if Britain's payments 
were higher than forecasted. 
What they had failed to do was 
to protect themselves against 
the payments being lower. 

Yet this proved to be tbe case, 
largely because the expected in- 
crease in agriculture spending 
which has such an impact on 
Britain's payments failed to 
materialise. Over the two years 
of thg agreement, Britain 
actually paid close to £550m 
less to Brussels than had been 
intended. 

When the heads of govern- 
ment met here st the summit at 
tbe end of March there was a 
steely determination in Paris, 
now under the new stewardship 
of President Mitterrand, and an 
equally iron will in Bonn to 
minimise concessions to the UK 
in' any new agreement. 

But these attitudes could still 
be seen in London as a partial 
replay of winter and spring of 
1979-7980 and the basic confi- 
dence remained that the farm 
veto would again deliver the 
goods. 

It was not until last Tuesday 
week that the veto seemed likely 
to be tested because not until 
then did the complex and diffi- 
cult farm price negotiations 
approach a conclusion. By that 
time the various strands leading 
to this week's defeat were being 
pulled together. In his first 
budget discussion on April 27, 
Mr Francis Pym, the new UK 
Foreign Secretary, was rather 
curtly dimissive of the first cash 
offer tabled by the Nine after 
six months of negotiations. Fe- 
bates worth £1.34 bn over three 


long way from what Britain is 
looking for” 

Tbe wayi n which that offer 
years were, said Mr Pym. “a 
emerged should perhaps have 
warned London of a departure 
from the 1980 script. There 
were strong indications of care- 
ful co-ordination among the 
other Nine and that, for the 
first time, it was Germany not 
France which was planting the 
flag for the others to rally 
around. 

Mr Pym was getting a tough 
initiation in Community politics. 
To criticise a man who was try- 
ing to negotiate his country’s 
way out of a war wth Argen- 
tina for failing to find the right 
responses in the EEC is hardly 
fair. But at the beginning of 
last week, with a confrontation 
on farm prices looming, senior 
British officials began to have 
doubts about their approach. 

In the background were the 
political reverberations of the 
bombs and missiles exploding 
in the South Atlantic. At the 
end at last week, the British 
Government was no longer con- 
fident of unanimity on the ques- 
tion of renewing sanctions 
against Argentina and it was 
increasing anxious about spark- 
ing a bitter row in the Com- 
munity when the Falklands 
peace talks needed all its atten- 
tion. So Mre Thatcher reached 
for the lifebelt by taking the 
option of the third year imdeT 
the May 1980 agreement and 
postponing the quest for a 
longer-term deal. Senior Com- 
missioners claim credit for 
throwing the lifebelt in the 
shape of a compromise plan 
whose rejection on Sunday even- 
ing foy Mr Pym was, according 
to some accounts brutal, and 


according to the British, merely 
an invitation to negotiate 

The Co mmissi on, meanwhile, 
and the Belgian Presidency, bad 
decided to press tor the 
majority vote in the farm coun- 
cil and France, West Germany 
and Italy agreed to take this 
path.. Again the impression is 
that West German attitudes 
were crucial, particularly in 
persuading France that since 
Britain was inappropriately 
applying the Luxembourg com- 
promise. it -would, hi fact, foe 
left intact 

What happens next in a situa- 
tion where political tempera- 
tures are' still running high is 
difficult to predict The optimis- 
tic view is that the other Nine, 
having scored their political vic- 
tory and, perhaps, taught a 
political lesson, will now be 
more generous and flexible. On 
this assessment they will take 
tip the proposals Britain tabled 
after the 12th hour on Tuesday 
and make the necessary con- 
cesvtons for a one-year budget 
agreement when Foreign 
Ministers meet next Monday 
or Tuesday. There appears to be 
cmy £ 112 m between what the 
Nine have offered and what 
Britain is now seeking and a 
new risk-sharing formula which 
would guard against all possible 
developments in Britain’s pay- 
ments this year ought not to be 
impossible to agree. 

Mr Walker’s statement to the 
House of Commons yesterday 
was noticeably restrained. But 
if Britain were eventually to 
threaten retaliatory measures; 
such as withholding part or all- 
of its budget payments, then the; 
confrontation could take an 
even darker turn. 

Equally uncertain is how the 
Community will sort out its pro- 
cedural dilemma now that the 
Luxembourg compromise has 
been violated. One possibility 
is that it will be left 
buried. But notwithstanding a 
more flexible approach to 
majority voting in the French 
Government, which first 
emerged last autumn, M Mitter- 
rand clearly indicated yesterday 
that Paris will not want to 
divest itself of the ultimate de- 


A tough initiation 
for Mr Pym in 
Community politics 


vice for protecting national 
interests. At the same time, it is 
difficult to believe that Mrs 
Thatcher would . fight hard 
against a resurrection of the 
compromise. The issue may have 
to be resolved at next month's 
EEC summit. 

If this is the only fall-out 
from the current crisis with 
which the summit has to deal, 
then all governments will be 
truly relieved. But one favourite 
British assumption about the 
Community has already been 
tried and found wanting this: 
week. Another is that the Com-, 
munity starts to deal with its 1 
problems only when it is in a 
cross. If this is wrong and the 
problems post get worse, then 
there may be a great deal for a! 
summit to do, and that summit 
may have to be an emergency 
one. 


Men & Matters 


Left-handed 

Eskimos 

Lord Rothschild was In high 
humour yesterday, discussing 
the report he has written for Sir 
Keith Joseph, on social, sciences 
and tbe future of the Social 
Science Research Council. 

Ten years ago, as head of the 
Whitehall Thank Tank, Roths- 
child had a go at the other four 
research councils. He hesitated 
at first to accept the new chore 
because of his admitted " total 
ignorance about social science." 
But Sir Keith's invitation to look 
into the widespread criticisms 
from politicians — not least from 
the Public Accounts Committee 
—offered him a chance to see 
whether his famous “ customer- 
contractor principle" for fund- 
ing research also applied there. 

After three months of investi- 
gation, be convinced himself 
that it doesn’t. Often the 
customer” is unborn genera- 
tions, he says. 

He looked for “idiotic pro- 
jects" of the kind politicians 
love to claim the SSRC funds too 
freely. He picked one that 
looked promising, on music, and 
asked for the referees’ reports. 

It was quite clear that the man 
who applied was very remark- 
able and if a remarkable man 
puts in for a grant I'm all for 
ham having it” 

Lord Rothschild doesn't think 
much of politicians. "When I 
came out of the Cabinet Office, 
my main conclusion was that I 
preferred civil servants to 
politicians." 

He has no doubt that the 
SSRC is doing a good job in very 
difficult circumstances. Its over- 
riding problem seems to lie in 
getting itself across to the man 
in the street. He was soon made 
aware that there was a problem 
with social scientists by the 
"appalling" tidal wave of 
written evidence, over 300 sub- 
missions altogether, from people 
“ not characterised by brevity of 
expression," 


But he is still chuckling over 
one piece of evidence from an 
eminent professor, which he left 
. out of his report because it was 
a bit too explicit. The professor 
had written: " Perhaps I should 
add that Tm against sociological 
surveys of the type . which 
expensively inquires into, shall 
we say, the incidence of left- 
banded homosexual Eskimos in 
Ash by-de-la-Z ouch and then con- 
cludes in flatulent jargon that 
they come from a disadvantaged 
minority.” 

Rothschild’s advice to the 
SSRC is to invest in a few copies 
of Gowers' Plain Words. As he 
concluded ruefully, it is a field 
where "the moment you get a 
specialist to write he uses words 
like stochastic.” 


Inside story 

Italy’s strike-bound airports 
opened just long enough yester- 
day to Jet in one special pas- 
senger who was heading for an 
equally special destination. 

Sophia Loren, film star, and 
lately promoter of her own 
brand of scent, stepped off 
Alitalia’s morning flight from 
■Geneva to be instantly arrested 
and sent to Caserta prison near 
Naples to serve a mandatory 
30-day sentence for tax evasion. 

It was a peculiarly Italian 
occasion says our FT man in 
Rome. By mid-day a tide of 
reporters and photographers 
had swept over Fftnmcmo air- 
port. 

Wearing an enormous pair 
of dark glasses La Loren duly 
appeared having earlier in the 
day proclaimed her innocence 
of an offence which revolves 
around the non-declaration of 
£2,200 of income from a film 
made in 1970. 

“I have done nothing wrong. 
It wafc just a small mistake by 
my accountant who in the mean- 
time has died,” she said. 

Lake tbe mills of God, Italian 
law grinds slow but, alas for 
Miss Loren, grinds exceeding 
small In 1980 her final appeal 


failed. Since then she has been 
living in prudent exile from 
Italy. Even an appeal for 
clemency to President Pertini 
failed. Now for personal and 
professional reasons she has de- 
cided that the easiest way out 
is to serve her modest stretch. 
Not only can the actress be 
reunited with her elderly 
mother, she can also start work 
In Italy on a new film being 
shot by Lina WertmuHer. 

In any case to go to prison 
in Italy is no disgrace. Various 
baroque scandals in recent 
years have seen as temporary 
inmates a senior Bank of Italy 
official, scores of leading 
bankers, and a dozen top foot- 
ballers. 

Might not the whole Loren 
episode just be an effort to 
secure publicity for her new 
film? “How vulgar can you 
get? ” came the acid response 
from her aide. 


Limited offer 

The ill wind from Argentina 
may at least blow some good 
towards the Royal Mint 

Coin collectors on the Mint’s 
regular coinage subscription 
list have received a new mailing 
list with the Falkland Islands 
1980 metal proof set, struck in 
mid-1980 and costing £13,50, at 
the top. 

^subscribers are urged that it 
could be their last chance to 
purchase the set as only “ very 
limited stocks " are now avail- 
able. Similar treatment is also 
given to the Falklands Royal 
Wedding silver proof crown. 
Neither is it too late to buy, 
for £28.75, tbe Ascension Island 
wedding commemorative silver 
crown. 

According to the Mint there 
has been no rush to buy the 
sets, although many customers 
at the Mint’s London shop have 
shown interest and surprise in 
the fact that such items exist. 

Tbe Mint is coy as to how 
many sets have been sold since 
the fresh marketing approach. 
Apparently a substantial num- 


ber of the Falkland Islands 
1980 metal proof sets have been 
sold out of 10,000 sets which 
were struck. 


Morning calm 

A snippet of information to help 
businessmen, and the like, who 
ring the headquarters of the 
Austin-Rover sales and market- 
ing operation at International 
House, Birmingham, but do not 
have their calls returned until 
after lunch. 

This is not, repeat not, an 
example of the insouciance of a 
company overwhelmed with 
orders. BL is currently trading 
at a loss of approaching £3m a 
week. 

No, it is a new wheeze to save 
money in the BL cars division 
at the expense of British 
Telecom. 

Most of toe 400 staff at the 
HQ have been forbidden to 
make outgoing calls between 
9 am and l pm. Unless given 
" special dispensation ” calls are 
not allowed until cheaper rate 
charges come Into force in the 
afternoon. 

The change was agreed with 
staff representatives and will 
save around £12,000 a year, says 
BL 


Mystery cruise 

A trip for two on the QE-2 was 
originally supposed to he the 
prize for a drew which is being 
run in aid of the Newspaper 
Press Fund and the Stoke 
Maodeville Appeal. 

Now the first prize Iras been 
changed to a ‘luxury cruise for 
two." The ship is unespecified. 

That will save a lot of em- 
barrassment as the draw is to 
he made at the Loudon Press 
Club’s centenary reception at 
which the chief guest will be 
an excellent organiser of South 
Atlantic cruises — Mrs Margaret 
Hatcher. 


Observer 



Seeking 

Company 

Information 


There is no better 
combination than 
Extel Cards and 
Extel Company 
Searches. 

Extelare 



• EXTEL Is M itaMnd M*nrt trfTho Exeiungg'Mog'apti Conpoty LMM& 


1 Tb:EndStatisticdScrvkssLd 

• r i rm\ a 

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Tb:EH^ Statistical ScrvkssLd^ 
3745 Paul SL,LondomEC2A4PB. 
Thaoe 01-253 3400,Tetoc;2626$7 




I am toaettcd in di e ad on nstipn yon supply about co mp a nie s. 


Naira? - - - - - — 


fbs&ton 


Finn, etc. - 






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Financial Times Thursday May 20 1982 


ECONOMIC VIEWPOINT 



issues for world leaders 


By Samuel Brittan 


IT IS too much to hope that by 
the time of the "western summit 
in Versailles on .Tune 4 that the 
Heads of Government will be 
talking about “beating their 
swords into plow shares and 
their spears into pruning hooks” 
and that “nation shaU not lift 
up sword against nation, neither 
shall they learn war any more 
—to quote that well-known and 
'unpatriotic subversive the 
'prophet Isaiah. 

But the concerns of the 
world's economies — inflation, 

unemployment, protection and 
all the rest-— will not go away. 
however dull and dreary some 
people may find, them, com- 
pared to the challenges of the 
- battlefield. 

Not that the western leaders 
will be short of problems to tax 
their imagination and ingenuity. 
-Those doommongers who have 
been predicting another 1931- 
type depression at every sign of 
trouble over the last 20 years 
are having a field day. 

Some of the world's present, 
.problems are those of success, 
not failure. As the table shows, 
the average rate of inflation in 
the main industrial countries 
'has fallen from its 19SO peak of 
over 12 per cent to less than 
5} per cent. In the U.S. it has 
been running— probably erratic- 
ally — at less than 3 per cent per 
annum in the past six months, 
and in Japan at about 4 per 
cent 

Commodity prices have 
shifted in more spectacular 
fasbion, and have, according to 
the Economist index, fallen by 
nearly 15 per cent in terms of 
a currency basket since the 
1981 peak. Even in periods of 
secular inflation, commodity 
prices still fall as well as rise. 
Nevertheless, the size of the 
fall, together with a dramatic 
deceleration in consumer price 
inflation and the obstinacy of 
the present world recession, 
merits the question: Is sound 
money being overdone? 

The question is underlined 
by differences of diagnosis now 
appearing between economic 
analysts and business leaders 
in the hot seat 

“ Practical men ” are not 
always right. They may be so 
impressed by the recent past 
that they are slower than sup- 
posedly more unworldly people 
to see a change of trend. But 
at least their doubts should be 
taken seriously. The OECD 
Secretariat which also fore- 
• cast an upturn in its brief for 


INDEX 1975=100 


PERCENTAGE CHANGE 


The Economist 
Commodity Index 

(AS Hems) A , 


210 - 
200 - 
MO- 

180 A 

T70 (-f-yH/ 
160 f* 2 yjr— 

im 






Tir 

Dollar 

.based. 


198T. 1982 


Growth of Monetary 
Demand in OECD* 


' *ApprtecSii 


Money GDP 


a f onca it 
a -o* 

£ rf-l . 

a a Fbraasf 

-iH 


Aicmxdratn* j 

1970 71 *72 73 74 75 76 77 78 *79 ’80 '81 * 82*83 

' —OECD— 1 

Bran a Radovtc 


last week's ministerial meeting, 
warned that the recovery was 
“technical." This meant that 
it was an automatic arithmetical 
effect of the end of destocking 
(or even of a slower rate of 
destocking) and it emphasised 
the downside risk. 

Any diagnosis must start from 
the recognition that the fall in 
inflation is highly desirable from 
the point of view of output and 
employment as much as any- 
thing else. Whatever may be the 
case in Latin America. Iceland 
or Israel, Western economies 
have never fully adjusted to 
rapid inflation: and a shift 
from double digit inflation back 
to the slow and creeping variety 
can be nothing but helpful to a 
market system. 

It will not in itself restore 
full employment, but will pro- 
vide a chance for supply side 
policies — of the genuine, rather 
than Keaganite, kind— which 
have a. chance of so doing. 

The question now is whether 
world monetary demand — ie. the 
flow of expenditure on goods 
and services measured by Money 
GDP— will rise so little, or even 
tall, that recovery is prevented, 
however restrained the move- 
ment of labour and other costs. 
The right-hand chart is an 
attempt to show the approxi- 
mate growth of Money GDP for 
the 24 OECD countries, as I 
have previously tried to show 
for the UK. 

Monetary demand, measured 
this way, has been rising by 
between 10 and 14 per cent 
every year since 1972. So there 
has been no “deflation” or 


“ demand deficiency " yet. how- 
ever many times "Wolf!" has 
been shouted. But the sharper 
eyed will notice that OECD 
Money GDP growth has prob- 
ably dipped to S per cent in 
the first half of 1982 and the 
recovery to 10 per cent in the 
second half of this year and in 
1983 is’slill an uncertain OECD 
forecast 

Money GDP, I do not need to 
be told, is an objective, not a 
policy instrument. The IMF 


rapid a drop in its growth rate 
for comfort These figures, com- 
bined with fears that the U.S. 
Ml may be showing too high a 
reading because of a once-for-all 
shift into NOW accounts (nego- 
tiable orders of withdrawal), 
suggest that the U.S. targets 
may he too tight. 

Indeed the present U.S. 
monetary stance may be as 
much part of the Fed’s attempt 
to put pressure on Congress 
for a tighter Budget as it is of 


WORLD MONEY AND 

PRICES 


Money supply of* 



industrial countries 

Consumer prices 


% increase on 

% increase in 


previous year 

7 main OECD countries 

1977 

84 

8.1 

1978 

10k 

7.0 

1979 

9J 

93 

1980 

6-5 

m 

1981 

4 S 

ion 



7Ut 

1982 (March) 

— 

s At 

* "Narrow" money: t cm March 1861; t six months increase annualised 

Source: IMF. 


index of the “narrow” money 
supply of the industrial coun- 
tries has more forward-looking 
properties. Although obviously 
very imperfect, it may be less 
subject to distortion than the 
monetary aggregates of indivi- 
dual countries. Its trend rate 
of growth is less than that of 
“ broad money ” or private sec- 
tor liquidity. 

Bat the IMF version of money 
does seem to have shown too 


an objective monetary analysis. 

But rather than simply call- 
ing for the “less rigid pursuit” 
of monetary targets, which 
opens the door to the wrong 
sort of discretionary demand 
management, the OECD would 
be better employed trying to 
devise some coherent frame- 
work of appraisal, such as the 
movement of world money on 
different definitions. It could 
also check on the appropriate- 


ness of the targets in the light 
of evidence on their relation 
to Money GDP. 

Moreover, instead of tying 
itself into knots on whether it 
wants larger or smaller budget 
deficits, it should work out an 
international medium term 
financial strategy for reducing 
these deficits in the longer terra, 
while indicating with more 
courage than Sir Geoffrey Howe 
h3s done domestically, the scope 
for higher deficits in recession 
years and lower ones in years 
of boom. 

The OECD countries acting 
together can do something to 
reduce real interest rates, but by 
budgetary rather than monetary 
policy. There is as much 
chance of central hank governors 
reducing real interest rates by 
decree or by technical opera- 
tions as there is of making water 
run uphill — both operations are 
possible for very short periods 
and with very strenuous efforts. 

Many of the fears of “another 
1931 " do not have much to do 
with the overall stance of mone- 
tary and fiscal policy, but with 
the stability of the world’s 
financial and banking system. 

One concern is about the pos- 
sibility of an international 
banking collapse of the kind 
triggered off by the failure of 
the Creditanstalt in 1931. The 
second is that an excess of pru- 
dence by hanks trying to avert 
such an outcome may dry up 
the flow of international bank 
credit 

The later fear could be exag- 
gerated. The big fall in inter- 


national bank loans between 
the second half of 1981 and the 
first four months of 1982 re- 
flects the completion of large 
scale financial operations by 
U.S. corporations to finance 
takeovers. In addition the end 
of the Opee surpluses auto- 
matically reduces the current 
account deficit of the rest of 
the world and thus the need for 
financing. 

The first danger is more 
worrying even if it has a lower 
probability. Although Euro 
assets and liabilities have been 
growing twice as fast as national 
money supplies, they are still a 
limited fraction of world money 
on any definition. External 
assets comprised in 1980 nearly 
22 per cent of total banking 
assets compared with 12 per 
cent 10 years before. 

In all OECD countries gross 
external claims by the banks 
now amount to about $2,000bn 
compared with $200bn in 1970. 
After allowing for claims 
between banks, toe net size of 
the “Euro" market may be 
more like ? 600 bn. 

The guarantee, not neces- 
sarily of individual banks, but 
of the mass of depositors, 
against a chain of bankruptcies 
— however unlikely — is part of 
the job of central banks. Con- 
tingency plans devised and 
known at least in outline be- 
fore rather than after the 
event, would be something 
practical that the BIS central 
banks could do for “confidence." 

Wbat would be intolerable 
would be any thought that 
western central banks were 
soft-pedalling on sanctions 
against toe Argentine or want- 
ing to help General Jaruzelski 
beyond the limits of strict com- 
mercial self-interest because of 
fears for the solvency of western 
banks. Too often in talking to 
European bankers, both private 
and central, have I caught a 
whiff of “ General Jaruzelski — 
or General Galtieri — makes the 
trains run on time and knows 
how to deal with strikers. ” 

If people are being killed in 
the South Atlantic who could 
have been saved if western 
governments and central banks 
had been willing to embark on 
full scale financial and trade 
sanctions which might have 
been a partial substitute, it will 
be difficult either to forgive or 
to forget. 


How to keep the 
Bank in touch 


By David Marsh 


THE Bank of England's remote- 
ness from some of the more 
hurly-burly parts of the City 
was brought home with force to 
one particular gilt-edged dealer 
a few months ago. He was 
listening to a Threadneedle 
Street official expound the 
Bank’s latest manoeuverings on 
toe bond market 

With the same sort of lin- 
guistic style that the freshly 
arrived Norman lords would dis- 
cuss agricultural matters 900 
years ago with their Anglo- 
Saxon serfs, the Bank man made 
frequent and p uzzli ng references 
throughout toe conversation to 
“tranehettes." 

It was only towards the end 
of the dissertation that the 
dealer realised that the official 
was talking about the Bank's 
newly-issued “tap" stock por- 
tions — known on the dealing 
room shop floor exclusively by 
the down-to-earth Nordic word 
“drips.” 


Ending 


There is a range of examples 
of how the Bank can become 
out of touch .with toe rapidly 
developing financial markets it 
is trying to serve and to super- 
vise. Some of the less well 
documented episodes concern 
the company sector. 

Shortly after the ending of 
exchange controls in October 
1979 a senior Bank official was 
explaining how UK companies 
would have little opportunity 
to make profitable placements 
of funds on to the Eurosterling 
market. This was. he said, 
because the interest rate gap 
between that and the domestic 
market would shrink to zero. 

The prediction turned out to 
be completely wrong. Company 
treasurers made hay by piling 
up higher-yielding Eurosterling 
deposits. This lasted until the 
distortions causing the interest 
rate gap were removed with 
the ending of the “corset" 
controls the following summer. 

The latest example is also 
teaching the Bank some lessons. 
Ever since the Bank started to 
buy up large amounts of com- 
mercial bills as part of its new 


monetary arrangements last 
August, some companies have 
been able to make a discreet 
killing by issuing bills at rela- 
Lively low cost and re-depositing 
the proceeds on the higher- 
yielding money markets. 

This practice is frowned on 
by the Bank of England and 
many commercial banks — even 
though some more eager banks 
hare actually been encouraging 
their clients to make money in 
this way. 

One senior company treasurer 
says that »F tile Bank creates 
the distortions which yield 
profitable opportunities for 
sharp-shooting treasurers, it can 
hardly complain if the loopholes 
are actually used. Any corporate 
finance manager who is 
“ duped ” into disregarding 
them, according to this view, is 
just plain '* stupid." 

Before it suffers any more 
embarrassments, the Bank 
would be well advised to keep 
closer tabs or the treasurers. 
Already the Bank has been 
building up its links with 
industry and is well informed 
about what is going on around 
the country. It could do more 
by establishing day-to-day con-< 
tact with companies’ dealing 
rooms, and also perhaps through 
seconding officials to companies’ 
finance departments. 


Gentle 


The Old Lady’s remoteness ; 
could be cut down in other | 
useful ways. It could deploy , 
its under-used body of 35 ‘ 
economists to do more outside . 
work — -for instance, along the 
lines of the study of the 
economics of the New York 
subway published last year by 
the New York Fed. 

There are already some 
gentle signs of steps in the right 
direction. Next month the Bank 
will be asked to deliberate on 
the problems of the inner cities 
as part of the next National 
Economic Development Council 
meeting. May be this is an 
indication that the Bank of 
England view of the inner city, 
now stretches beyond Bishops- , 
gate. 


Letters to the Editor 

Reforms to produce a fair deal for the lower paid 


_ From Mr F. Field, MP 

Sir, — Ian Hargreaves (May 
- 12) reminds us of Anthony 
• Crosland's views about redistri- 
‘ button in a democracy. Cros- 
iand believed that "in a demo- 
; cracy, low or zero growth 
i excludes the possibility" of 
redistributing from rich to poor. 
: ‘ But Crosland wrote this passage 
way back in 1971. The world 
has changed much since then 
and slow growth, together with 
; demographic changes, ^ has 
. resulted in an increase in Ithe 
numbers of poor. To hold to 
• Cropland's view on the limits 
to redistribution would mean at 
the present time further cuts 
in the Jiving standards of those 
at toe bottom of the pile. 

What is noticeable about 
Crosland's views is that they 
are very representative in their 
exclusive concern with a verti- 
cal redistribtuion from rich to 
poor. I think this is a crucial 
part of the debate, but the 
operative word here is “part” 

It is also as important to try 
and bring about a horizontal 
redistribution at the same time 
—from the childless to those 
with children. For this tt> hap- 
pen it is necessary to convince 


the electorate on toe need to 
think out bow best we can 
spread our earnings from up to 
40 years* work over a lifetime 
which for many of us tests for 
80 years or more. 

Moves along this front will 
entail a root and branch reform 
of toe tax benefit welfare state. 
At the present time, over 50 
per cent of personal income is 
exempted from tax. Only by 
making more income taxable 
can we offer the possibility of 
lowering the marginal rates of 
tax. increasing key social 
security beneffls, while at the 
same time exempting a large 
number of poor people from tax 
altogether. 

This last point is panticufl'arly 
urgent for, as Ian Hargreaves 
writes, I have changed my posi- 
tion on toe question of incen- 
tives to work. I don’t believe 
that many people find them- 
selves better off out of work 
and even fewer people leave 
working because they have 
fathomed out that they will be 
better off in doing so. 

This is a point I have pushed 
often enough in the past, but it 
isn’t really toe essential issue 
anymore. What is crucial is the 
feet that miHaons of workers 


have a net income from work 
wfcacfc is not much above what 
they could claim on social 
security. Thas is wrong, and 
part of our response should be 
to agree major tax reforms so 
that the burden on the lowest 
paid is significantly reduced. 

AM this becomes so much 
more urgent when it is realised 
that one of the poorest groups 
in the community is the unem- 
ployed. and particularly the 
long-term unemployed. Help 
here in the way of increased 
benefits is long overdue, yet 'this 
will exacerbate sttt] further toe 
feeling that many working 
people have that the system is 
unfair and often stacked against 
them. 

For toe reasons outlined by 
Ian Hargreaves I reject cuts in 
social security benefits as a 
solution to this issue. At the 
same time as helping the long- 
term unemployed we must set 
in band reforms which will 
restructure over time out tax 
and benefit system so as to give 
effect to what people feel is a 
feir deal for lower paid 
workers. 

Frank Field. 

House of Commons, SV71. 


Private health 
care 

From the Chairman, 

AMI (Europe) 

Sir,— I should like to have the 
opportunity to reply to Raymond 
Snoddy’s article (May 12) on 
the increasing cost of private 
health care. 

In the article nine London 
hospitals are mentioned as being 
too expensive for BUPA sub- 
scribers. Two of the hospitals 
so mentioned are owned by AMI 
and I can state quite firmly that 
except for a few special beds 
reserved at The Princess G rac e 
Hospital, toe charges at boto 
these hospitals, and indeed at 
;aTl our hospitals in toe 
come within toe benefits cur- 
’reatly provided by BUPA- No 
■ mention is made of the fact that 
our two London hospitals cany 
out more major open heart 
surgerv than any comparable 
•centre in the UK with the lowest 
Mortality. 

The problem BUPA is facing 
has arisen because it has. 
.'avoided calculating realistically 
.the cost of good quality health 
care. BUPA rates have always 
been based on charges made for 
;nrivate patients using the NHS 
ipay beds. Recently toe NHS has 
’discovered that its charges bore 


no relation to toe true costs of 
what the service was offering, 
especially as the private sector 
within the National Health hos- 
pitals has been subsidising toe 
use of NHS paid staff, and very 
recently more realistic rates 
have been charged, forcing 
BUPA to raise its premiums 
accordingly. Whereas Private 
Patients Plan (PPP) has always 
given proper coverage and 
charged appropriate, rates. It is 
toe end of this free ride at 
Government expense which 
accounts for a large part of the 
BUPA premium increase. 

(Dr) Stanley Balfour-Lynn. 

AMI (Europe). 4-7 Cornwall 
Terrace, Regents Park, NW1 

From the Patient Services 
Officer, Churchill Clime 

Sir — BUPA's suggestion 
(May 12) that those companies 
wishing to contain, rising sub- 
scription costs can do so by for- 
bidding toe use of certain 
London clinics, is of interest 
from both an ideological and a 
practical viewpoint. To see 
BUPA’s policy as operating in 
restraint of trade would be 
erroneous for the following 
reasons. 

It is arguable that employees 
have similar expectations of 
private health care as they do 


of pension schemes, neither of 
which should be subject to toe 
exigencies of the socalled free 
markets. 

From a more practical point 
of view, it appears from market 
research that the London health 
care market is in the process of 
segmenting and toa t private 
hospitals at the top end of toe 
scale, as well as offering an ex- 
ceptional degree of comfort in 
terms of hotel services also 
offer high technology medicine 
and surgery of a type that is 
more attractive to toe foreign 
than the domestic market. 

BUPA's action may then be 
seen as consolidating this pro- 
cess of segmentation, recognis- 
ing toe fact that there are 
clinics which operate a highly 
visible price policy that does 
not supplement revenue via 
additional charges for what are 
often no more than standard 
services, aud furthermore, that 
such clinics offer a standard 
pattern of hotel sendees rather 
than one differentiated by 
price. 

The consequences of BUPA’s 
action will be of considerable 
interest to everyone concerned 
with toe development of private 
health care in the UK. 

Robert Sawyer, 

Churchill Clinic. 

80 Lambeth Rood, SE1. 


Merchant Shipping 
Bill 

From the Director-General, 
General Council of British 
Shipping 

Sir,— Mr Farr of toe British 
Federation of Commodity 
Associations complains (May 14) 
that the Merchant Shipping 
(Liner Conference) Bill, now in 
its Comittee stage in the Com- 
mons, leaves far too much to be 
defined in regulations made by 
toe Secretary of State rather 
than in toe Bill itself. 

Mr Farr has mentioned about 
toe only significant issue on 
which final decisions have yet to 
be taken — the detailed defini- 
tion of a UK national shipping 
line. This is not bad, in rela- 
tion to a convention of 52 
articles, each with many sub- 
provisions, and modified by an 
EEC regulation. GCBS Is well 
content with toe undertaking 
given by Mr Sproat, the Parlia- 
mentary Under Secretary of 
State for Trade, during the 
Bill’s second reading on April 
28 that all interested parties 
will be fully consulted on the 
content of toe regulations be- 
fore they are laid before Par- 
liament. Indeed this is a re- 
quirement of the Bill itself. 

We fully share the concern, 
of the BFCA that non-confer- 
ence ships should be protected 
from discrimination by develop- 
ing countries. We can however, 
see no point in reiterating in 
this Bill toe extensive defensive 
powers already given to the 
Secretary of State for Trade by 
earlier merchant shipping acts. 
Far more important in our view 
is the early passage of the Bill 
itself and accession by the UK 
to the UN liner code convention, 
subject to toe “Brussels pack- 
age ” reservation which restricts 
its application to the developing 
nations. We believe that by 
satisfying their aspirations it 
will remove the pressure for far 
more damaging discriminatory 
measures by toe Third World. 
We also fear that our members 
could be left at a considerable 
disadvantage in commercial 
negotiations to apply toe code 
to conference agreements if it 
were to come into force before 
the UK was able to accede to it. 

Against these concerns, toe 
Government’s undertaking to , 
consult all interested parties is ! 
obviously of even greater stgni- j 
ficance toan toe mechanics of 
processing the necessary provi- 
sions through Parliament 

IV. P- Shovelton. 

G.C.B.&, 

30-32, St Mary Axe, EC3 





Financial Timesjhursday May 20 1982 


Companies and Markets 


UK COMPANY NEWS 


Royal Dutch/Shell shows better underlying trend 


As for funds generated within 
the group, these were more than 


results for the first quarter of sufficient to meet the rail on 


1982. which saw net income fell capital. Capital expenditure at 


COMPARISON of Royal Dutch/ As for funds generated wiflhln On trading ^conditions, the 
Shell Groan of Companies the group, these were moire than directors report that the first 
results for the first quarter^ sufficient to meet the .rail on three months were : 

1982. which saw net income fed capital. Capital e^endrture at aff«ted by a contorod dedme 
from £549m to £414m, is better £903m was 26 per cent above ta demand and the rrfupbonrf 
facilitated in the effects of the last year, wide the total of fegh Indust^ stocfo owpled wfih 
FIFO method of inventory inventories and rw»vahtes net surplus crude oil iuu . 

valuation used by most Shell of payables declined from the IMs resulted in dowwmd 
companies is excluded. On tins year-raid leveL An increase in pressure on crude od and ml 


from £549m to £414ra, is better £903m was 26 per cent^ove 
faci litated in the effems of the last year, whil e the t otal of 


FIFO method of inventory inventories and receivables net 
valuation used by most Shell of payables declined from me 


basis the figure turned in at 
£45 9m. some 56 per cent higher 
than the £295m for the corres- 
ponding period, and Stem above 
the £419m for the final quarter 
of last year. 

The performance of the oQ 
j»rtri natural gas segment outside 
North America was the main 
reason for the healthy improve- 
ment over the first three months 
of 1981. In addition there were 
reduced losses from chemicals 
and the coal business continued 
to operate profitably. The m etals 
sector, however, again reported 
losses. 

While Shell Oil Company of 
the U.S. announced slightly lower 
dollar earnings, upon translation 
to sterling the group share of 
net income showed a 21 per cent 
advance. In contrast. Shell 
Canada’s contribution to net 
income declined sharply, 
representing a number of 
adverse factors including the 
impact of petroleum and gas 
revenue tax. 


products prices. Since the end 



First quarter 


1982 

1981 


Cm 

Em 

Revenues 

11.554 

9.62S 

Sales end operating 



revenues 

12.987 

10,947 

Salas taxes 

1.788 


Share of aesoc. ... 

229 

171 

lnt- and other inc. 

124 

89 

Costs and expenses ... 

11,140 

9.079 

Purchases and op. 



expenses 

8.47B 

6,759 

Selling, general and 



admin. 

772 

851 

Exploration 

167 

13S 

Research and dev. 

69 

85 

Depreciation, etc. ... 

377 

XI 

Exchange losses ... 

22 

tM 

Inreresi 

165 

124 

Tax 

1,030 

1.Q25 

Minorities 

60 

59 

Net income tar quarter 

414 

549 

* Restated. 

t Gain. 



1961 gpot crude spot product 

JSL prices have increased. 

’ Excluding Shell Oil and Shell 
o,947 Canada, first quarter e arnings 
1.579 from oil and gas exploration and 
™ production activities rose 15 per 
b (vm cent to £33Qm. This increase was 
mainly due to the strength of 
6,759 the dollar against sterling, which 
was more than sufficient to offset 
the impact of lower crude oil 
G 5 prices. Manufacturing, marine 
305 and marketing reported a loss of 
tj® £Sm compared with earnings of 
£165m last time. However, on 
53 the basts of the estimated current 
S49 cost of supplies, first quarter 


empbassse the high levels of unit 
operating costs associated with 
low utilisation of certain plants 
in the current recessionary 
conditions. 

Shefll Oil’s chemicals dollar 
earnings increased $10m from 
S6m ag a result of lower raw 
material costs, wbSle demand con- 
tinued to fail and prices 
remained weak. Shell Canada in 
tins sector saw earnings fall as 
volume and prices came under 
pressure. 

Coal business profits expanded 
from £2m to £19m, with sales 
tonnages and unit margins up on 
last year. But tire voflume of 
demand for internationally 


over the remainder of the year. 


Oil end natural gas ... 

1932 

Cm 

547 

*1981 

Cm 

647 

Exploration and 
production: 

Excluding Shell Oil 
and Shell Canada 

330 

287 

Shell Oil end Shell 
Canada ............ 

206 

176 

Manufacturing, marine 
and meftan'ng: 

Excluding Shall Oil 
end Shell Canada 

ta 

165 

Shell Oil and Shell 
Canada 

19 

19 

Chemicals 

i 

$4 

Excluding Shell Oil 
and Shell Canada 

*8 

413 

Shell Oil and Shall 
Canada 

9 

9 

Other ind. segments 

2 

G 

Earnings from opa.f 

650 

637 

Corporate hems 

76 

29 

Minority profits 

60 

59 

Net income 

414 

549 


— borrowings will be necessary. 
Firat qutnsr Shell Australia expects to borrow 
1882 *i98t up to A$400m over toe rest of 
Cm cm year gjjg nex j year to back 

5<7 847 .. • J--.J — iMM 


mJLh, til allowance were maea tor mu wims jwir 

markets and higher interest a f tor . tax effects of adjusting coat of Development, Wh 
charges associated with plant inventories sold from FIFO to estimated jjj gag int* 
construction, metals sector losses current cost of supplies, these earn- 

for toe first quarter increased by in a° would *» increswd (reducad) by 

£10m to tho following amounts: Oil and natural Total TeveDU 


earnings of £25m compared with reports that Australia’s biggest 


long-term debt and a reduction 
in short-term debt virtually 
offset each other. Cash and short- 
term securities rose by £420m 
to £3.3bn and the tong-term debt 
ratio was 26 per cent at the end 
of the quarter, the same as at 
the end of 1981. 


a deficit of £49m. 

As for chemicals, also exclud- 
ing Shell Oil and Shell Canada, 
they showed on a current cost of 


oil company, Shell Australia, 
suffered a severe setback in the 
year to December 31, 1981 when 


1 total expenses, including 

royalties and taxes, accounted for 
little chance of any significant A$2.89bu. 


JWU ifvuciuiici vi, tool wutu r * 1 .. 

profits slumped 40 per cent °* decade - 


earnings recovery until toe end 


supplies basis a loss of £15m from A$47.1m to AS24.8m. 


f£24m). Sales volumes were up Directors were extremely pes- aggregate negative cash flow, m 
by some 3 per cent and proceeds simistic about the earnings the years ahead and despite a 
by 22 per cent, and the directors pattern and pointed out that further big injection of equity 
say that tosses on these serve to worse results were expected with capital, from its parent heavy 


The company faces a A$2bn of AS65m, the rem aini n g earn- 


aggregate negative cash flow, in 
the years ahead and despite a 


Redman Heenan losses sustained Harrisons 

tDERS available for com- a ""“ — IVJ SlJlYSlSJl 

stitm during the first six w 

jnths of the year proved in- BJ|PU| BPllTO j p-trt r 

Eficient to enable Bedutf ffUmLlhlllO JST tI7 SlT| 

><>nan International to trade ,BBWBBta,MBB B w d&L <&*-&- / ••Jill 


ORDERS available for com- 
pletion during the first six 
months of the year proved in- 
sufficient to enable Redstfp 
Heenan International to trade 
profitably, to us confirming the 
forecast made in the last annual 
report. 

This manufacturer of engineer- 
ing products incurred taxable 
losses of £1.49m in the half-year 
to March 31 1882, but these were 
marginally down on the £1.5m in 
toe corresponding period last 
year. The interim dividend is cut 
from 22p to 1.4p — last year's 
total was 4J!p from pre-tax losses 
of £2.03m. 

The directors point out, how- 
ever, that the trend in order in- 
take has been encouraging, par- 
ticularly in export markets, with 
domestic demand also showing 
promising signs of recovery, 
although larger contracts, with 
their longer lead times, have 
tended to predominate. 

Orders received during the 
period were some 73 per cent 
higher than the depressed level 
for toe same six months of toe 
previous year, and included 
export orders which were almost 
trebled at £6m. 

The directors are “ confident " 
that the second half trading 
results will be profitable and. 
despite the continued shortage 
of rapid turaround business, it 
should he possible to recover 
substantially — if not entirely — 
toe pre-tax loss incurred in toe 
first half. 

Group turnover In the first half 
was little changed at 114.41m 
(£14.45m). There was a trading 
loss of £l.04m t £827,000). Interest 
was up from £68.000 to £446,000 
and last time there were re- 
organisation and redundancy 
costs of £604,000. Tax took 
£114,000 (£175.000), leaving a net 


Water companies 
seek to raise £3.5m 


Lex looks at toe first-quarter figures from Royal Dutch/ 
Shell which, after adjustment for stock items, are evidence 
of the company’s great resilience. Net income after adjust- 
ment was £164m higher at £459nn The column goes on to 
discuss the appointment of two U.S. directors to toe board of 
F. W. Wool worth. It also examines the Institute of Fiscal 
Studies consideration of toe problem of indexation for capital 
gains tax as proposed under toe 1982 Finance BilL Finally 
it briefly debates the possible impact of toe stalled EEC farm 
food price negotiations on British Sugar. 


loss of £1.6m (£1.67m). 

After minorities of £5,000 (nil) 
and an extraordinary credit of 
£107,000 (£10,000), the attribut- 
able loss emerged at £1.5m 
(£1.06m). 

Dividends absorb £266,000 
(£415,000), resulting to a deficit 
of £1.77m (£2. 08m) being trans- 
ferred to reserves. 


turnover, but this year the figure 
will be about 40 per cent The 
cut in the interim dividend is 
chiefly a reflection of Redman’s 
desire to reduce toe disparity 
in payouts. A maintained total is 
a strong possibility, at a cost of 
about £800.000. With toe share 
price down lp at 52p. the 12 per 
cent yield is a weighty prop. 


comment 


Redman Heenan is not ashamed 
to admit that the interim results, 
with a trading loss 26 per cent 
larger at about £lm, are worse 
than it had expected at toe time 
oF the AGM. The forecast at that 
time of fuH-year profitability is 
now giving way to one off break- 
even. By that time gearing, 25 
per cent at the last year-end, 
will have risen to about 40 per 
cent That’s the bad news. Cur- 
rently toe company, boosted hy a 
number of substantial overseas 
orders, claims to be “working 
like the dappers." and the pos- 
sibility of increasing the work- 
force is not remote. Prospects 
for the domestic market are still 
gloomy: in 19S0 exports 

accounted for 17 per cent off 


Allied London 
Properties 
ahead midway 


First half pre-tax profits of 
Allied London Properties 
advanced from £656,219 to 
£752,027 and the directors are 
of the opinion that toe full year 
figures will be in excess of those 
of toe previous year. 

The net interim dividend for 
toe six months to December 31 
1981 is being increased from 
0.25p to 0.275p per lOp share — 
a total of 1.35p was paid for 
1980/81. 


THE IMPROVEMENT on toe 
depressed first quarter results 
was maintained by Harrisons 
Malaysian Estates in the third 
quarter and for the nine months 
to December 31 19S1 profits at 
the pre-tax level came through 
at £17.56m, compared with 
£19.24m for the corresponding 
period. First three months' tax- 
able profits were well behind at 
£4.63 m. against £6.67m. 

Turnover of the group, which 
is SO per ceat-owned by Harrisons 
& CrosfleW, held steady for the 
nr»ne months at £44. 5m (£44.9m) 
with the trading surplus emerg- 
ing at £13. 23m <£15.13m). 

The profit for toe three-quarter 
period included investment in- 
come of £4.2m (£3. 79m) and a 
share of associates profits of 
£134,000 (£315.000). 

Tax tool: £5. 67m (£6.32m) and 
after minorities of £53,000 
(£90,000) earnings for share- 
holders totalled £ll.S4m (£18.25m 
including an extraordinary credit 
of £5.43m>. 

Stated earnings per lOp share 
were lower at 7.09p (7.6Sp). 

A breakdown of harvested 
crops in tonnes for the nine 
months shows: rubber 28,421 
(30,725), palm oil and kernels 
109.673 (110,765), cocoa 2,673 
(4,049) and copra 3.661 (3,6S4). 
For the 12 months to March 31 
1982 the figures were: rubber 
37,529 ( 39,361, palm oil and 
kernels 144,447 (144,788), cocoa 
4.183 (5.716) and copra 4,557 
(4.679). 

Taxable profits for the previous 
full year amounted to £ 23.23m- 


Wrexhajn & East Denbighshire 
Water Company is seeking to 
raise £2m through a sale by 
tender of 9 per cent redeemable 
preference stock, and toe 
Bournemouth and District Water 
Company is offering £L5m of 
stock on the same terms. 

At the minimum tender price 
of £100, toe conventional gross 
yield on toe stock is 12.35 per 
cent, and toe fully grossed-up 
franked income yield is 18.75 per 
cent 

Each stock is redeemable at 
par on June 30 1989. or, at toe 
option of toe companies, redeem- 
able in whole or at any time on 
or after July 1 1967 and before 
June 30 1989, subject to three 
months’ notice being given by 
toe relevant company in writing. 

Applications must be received 
by 11 am on May 26, accom- 
panied by a deposit of £10 per 
£100 nominal of stock sought toe 
balance being payable on June 
28 (Wrexham) or July 27 
(Bournemouth). 

The first dividends will be 
payable on January 4 1983, 
amounting to £4.024 net for the 
Bournemouth stock and £4.631 
for the Wrexham issue. 


• comment 


Robt Moss recovers to 
£®.63m; payout lifted 









AFTER dipping from £457.000 to 
£271.000 last year, taxable profits 
at Robert Moss recovered to 
£832,000 for the year to March 31 
1982. The half-way figure, was 
£302,000. 

Turnover moved up to £3.71m, 
against £3.Um. The directors say 
toe group is budgeting for 
another substantial improvement 
in turnover and profits this year. 

A final dividend up to 1.2p net 
per share from 1.07p raises the 
total at this plastic injection 
mouldings maker to L8p (1.6p). 
Stated earnings per lOp share 
were 4.75p (2p). 

Tax rose to £153,000 from 
£72,000 and there was an extra- 
ordinary debit of £16,000 (nil). 


comment 


Softly, softiy goes Murray 
McLean. He has sat back and let 
Robert Moss achieve the forecast 
made by its former executives. 
Now be is reaRy taking up toe 
reins. The purchase of Banbury, 


which was built up by an ex-Moss 
man, is the first step to add tech- 
nology and beef-up management 
The link with former South 
African colleagues is another. 
Rebuilding bridges with Ms home 
country may send a shudder 
down some backs but it is a way 
for Moss to ship its excess manu- 
facturing capacity overseas — it is j 
physical machinery not money 
and know-how that has crossed 
the sea. South Africa, is an ideal 
market according to McLean. 
Certainly it could be the experi- 
ment which could pave the way 
for other moves overseas. Ban- 
bury will be in for a fund 12 
month* this time round and that 
could be worth £150,000 pre-tax. 
Add in a £150,000 increase or so 
from the existing business and 
the fully taxed prospective p/e 
drops to under 14 at 54p. The 
price still contains a fair amount 
off froth but Mr McLean has a 
track record in South Africa with 
Abercom. This is just the 
beginning at Moss— for better or 
worse, only time will telL 


London & Northern 
profits show little 


ASSOOm. 

Togetoer toe impact of toe 


change at £8.63m 


tion charges, following further 
asset ' revaluations, higher 
wages and production costs, is 
expected to reduce earnings 
In toe year, toe Shell Australia 
subsidiary which supplies and 


ducts, and foots toe WU for coal 
and metal exploration, produced 
an operating profit off A£L5m 
(ASlfcn). 

The Shell refining subsidiary 


aftsr-cax effects of adjusting coat of Development, which accounts for 
inventories sold from FIFO to estimated qI] a nd eas interests, provided 
currant cost of suppNes, these earn- vi-jr ” v 


*j.um to gss £5Zm (£243m toss); Chemicals ctnnrf at A22 an* 

Graeme Johnson In Sydney nm (£iim loss). • Restated, t Lose. stood at A52.9B»n .and 


With tax off A$39.?m 
deducted from toe pre-tax profits 


tags of A$25.2m appears .an In- 
adequate return on funds 
invested. 

See Lex 


Brokers to toe Issues are 
Seymour, Fierce & Co. 


TiH TT E CHANGED pre-tax 
profits have been sftown by 
London and Northern Group for 
1981. Hie surplus for toe year 
was £8.63m, against £8.76m on 
turnover ahead at £216fi9m, 
compared with £212.74m. 

The final dividend of tois 
group, with interests in coosbuo 
tion, metal reclamation and steel 
stockholding, was unchanged at 
2.35p, which repeats toe total at 
3.75p net ■ 

Eamroge per 25p share were 
given as lower at lL5p, against 
16p previously. ■ 

SecomLhaif profits moved 
ahead from £4- 55m to £5.S7m. 
At the interim stage, the 
directors said that following 
rationalisation and some _ im- 
provement in trading conditions, 
profitability in toe second half 
should show a material increase 
over toe first half. 

There was a tax charge of . 
£L.35m (£L88m credit), and 

this included a prior year’s 
credit of £l.S4in (£4.21m). 

Minorities took £670,000 
(£L5m). Attributable profits 
emerged lower at £6.61m, against 
£9.15m previously. 

Preference dividends absorbed 
£73,000 (same) and ordinary pay- 
ments were held at £2. 13m. 

Extraordinary debits amounted 
to £L32m (£242,000), which 

included goodwill payments off 
£514,000 (£31,000) and . other 
costs, mainly closure and dis- 
posal, off £807.000 (£211,000). 

Retained profits were down at 
£3. 09m, compared with £6. 71m. 
On a current cost accounting 


basis, pretax profits ware £5.6m 
(£5.1m) and earnings per share 
were 6.9p (io^». 


comment 


The second half upturn at 
London & Northern reflects an 
improvement- in all activities 
incl uding metal reclamation 
where prices hardened in the 
last three or four months. The 
pre-tax figure benefited from a 
cut in interest costs of some 
£1.5m, to around £3m, arising in 
part from the reduction in net 
borrowing- to £L7.1m — about 33 
per cent of equity funds. The 
extraordinary costs included 
completion of cutbacks in plant 
hire which saw toe fleet reduced 
by a third. Earthmoving is busy 
in the UK with motorways and 
major building sites. There is 
a good workload for cbnstruc- 
tion overseas with the major 
roadworks in Dubai and Oman 
not 'due to be completed until 
the end .erf 1983. In the UK con- 
struction margins remain low 
but toe division hopes to make 
some useful gains from toe pick 
up in housing. With scrap metal 
prices beginning to weaken 
again in the volatile steel market 
the outlook for metal reclama- 
tion is uncertain. Overall with 
borrowings likely to be con- 
tained around- toe present level 
and no more surgery foreseen 
toe group should be able to sus- 
tain the improving trend. Yes- 
terday the shares remain 
unchanged- at 49*p yielding 1L4 
per cent.. 


\ i 

■A jUj * 

- %'rnm 


, ft . 

»SJ I 


w.V. , . rs '. J S‘-v-‘-'5- 




? '-.£a 


'-C] >. ; 








Gilt-edged prices remain highly 
sensitive to toe political situar 
tion, to a degree which makes it 
. hard to judge whether these 
issues will be in toe appropriate 
price range a week hence. How- 
ever, toe conventional gross 
yield on these stocks, 0.72 of a 
point below that on a representa- 
tive government stock maturing 
in 1987, should be sufficient to 
ensure a modest premium — 
between £} and £1 — if conditio ns 
do not change radically. The 
experiment of double-dating, 
giving borrowers an' option to 
retire toe issues early if cheaper 
refinancing becomes available, 
might broaden toe overall 
market for these preference 
stocks if toe device catches on. 
Meanwhile, since toe minimum 
tender is £100, lenders will not 
have to worry about toe effect 
of spacing gains to redemption 
over an extra two years, • and 
can assess these issues as if they 
were of the standard five-year 
variety. 


DIVIDENDS ANNOUNCED 


J £>\; 





Date 

Corre- 

Total 

Total 


Current 

of sponding 

for 

last 


payment 

payment 

div. 

year 

year 

Advance Services 


2.3 

_ 

23 

3.3 

3 

Allied Ldn. Props. .. 

.tat 

0.28 

— 

0J25 

- 

1.35 

Ambrose Inv. Tst , 


4J> 

July 22 

4.3- 

7.3 

7.1 

Chamberlain & Hill ; 


L8 

July 24 

Lfifi 

2.9 

2.75 

Common Bros. 

.int 

1 

Jane 29 

5 


5 

Dualvest 


3.56 

Hay 31 

3-29 

7.35 

6^7 

Dataller 

.lnt 

0.78 

July 19 

0.65 


1.55 

El Or© 

.Int 

3J5§ 

Oct 29 

3 

_ 

3 

Exploration 

.lnt 

1.755 

Oct 29 

L5 

. 

L5 

Feedback 


It 

Aug 24 

» 

2 


Irish Distillers 

.int 

LI 


0.88 

__ 

3.06 

London & Lennox Inv. 

1.4 

July 22 

L4 

2 

L9 

London & Northern . 


2.35 

July 12 

.2.35 

3.75 

3.75 • 

London Trust 


23 

July 8 

2^5 

3.75 

3.5 

Horan Tea 

.tat 

1 

July 2 


__ 

5 

Robert Moss 


L2 

July 8 

L07 

IB 

L6 

Pentland Inv. DL .. 

.int 

L5 

Aug 2 

1.5 



6.35 

Redfearn 

.int 

3 

Aug 12 

3 



828 

Redman Heenan lnt. 

tat 

L4 

Oct 1 

22 

— 

4J2 

Whitbread Inv. 


3J2 

July 23 

2.85 

4 J8 

4.3 




• '-'s* ^ 


l- 


r-' m K~ ■ *- .* ..vX’ 





Dividends shown pence per share net except where otherwise 
stated. * Equivalent after allowing for scrip Issue. fOn capital 
increased by rights and/or acquisition issues. JUSM Stack. 5 Gross 
throughout 




UNIQUE! 



FTB's 60 minute presentation on 
Financial Communications. 

Ring Alex Hurst, FTB's Chief Executive, on 

01*4058733 

and make a date to see this .interesting presentation. 


r l -W 


Foster Turner & Benson Advertising Ltd 

Chancery House, Chancery Lane, London WC2A1QU 


May 19 

Banco BMbao ... 
Banco Cwttnri ... 
Banco Eatonor ... 
Banco Htopeao ... 
Banco Ind. Cot 
Banco Santander 
Banco Urquijo ... 
Banco Vizcaya ... 
Banco Zaragoza 

Drocwdos 

EstMnota Zinc ... 

Fees* 

Gal. Praciadoa ... 


Iberduwo 

PoutoIbob 

Petmtiber 

Sogeftge 

TeJalomica 

Union Elect. 


Pile* 


% 

;+or— 

3*1 


333 


302 


314 

:+4 

114 


342 

■+1B 

200 

-2 

356 


248 


133 

-7 

68 


64.5 

—0.2 

36 

-2 

64.2 

-0.5 

52.5 

-0.2 

86.7 

—2J3 

99 


6 


70 


64 

-1 


HI Unilever 


A.6.M. Speech see page 25 


, - -<eCn ***.-, » . 

^ L ^0p/, r - 

£r.r* 




Diversified we are, and all our activities 
throughout the world contribute to BTRs 
winning position. 

Whenvoulookatthefiguies for last year — 
more growth, morereeords^ — it is dear that 


geographic spread of earnings isright 



■■■■ 


BTR pic SiverfcownHouse 
Vmcent Square London. SW1P2PL 
01-8343848 




RUSH& 
TOMPKINS 
GROUP PLC 


M. J. H. Nightingale & Co. Limited 


27/28 Lovat Lane London EC3R 8EB Telephone 01-621 12)2 


1981 -82 
Nigh Low 


Summary of results for 1981 


75 62 

51 33 


206 187 
107 100 


Turnover 


1981 

£000s 

84,238 


1980 

fi’OOOs 

92,598 


265 240 
104 61 


131 97 

83 39 


78 46 

102 93 


Profit (Loss) before tax 
Profit (Loss) after tax 
Eamings(Loss) pershare 
Dividend per share 
Assets per share 


1,707 

1,355 

1Z3p 

4.25p 

337p 


C795) 

(949) 

C8.6p) 

3.75p 

332p 


1W 100 
113 94 


•Group returned to profitability with record 
profits 


iso ras 
334 238 
67 51 

222 159 
15 10 

60 66 
44 25 

103 73 

203 24? 


Company 

Ass. Brit. Ind. CULS... 
Airs pm rig 

Armftage & Rhodes — . 

Bardon Hill 

CCL 11 pc Conv. Praf 

Clndica Group — 

Do bo rah Sarvtcss 

Frank Haraell 

Fred Brick Parker ......... 

Georgs Blair 

Ind. Preciaion Casting* 

Isis Conv. Praf 

Jackson Group ......... 

Jamas Buiraugh 

Robert Jenkins 

Seamans " A " 

Torday & Carlisle 

Twinloek Ord 

Twinlook 15 pc ULS 

Unilock Holdings ...... 

Walter Alexander 

W. S. Vasts* 

Prices now avallabfe 


Gross Yield Felly 
Price Change dhr.(p) % Actual taxed 
120 — 10J> 7.8 — — 


73 +1 

43 — 

206 + 1 


4.7 6^4 11.6 1B.O 


62 — 

127 - 1 

75 — 


oh. PTMtal page <6148. 


4-3 

10.0 

3.5 

8.1 

9.7 

4.7 

10.0 

12L2 

15.7 

14.7 

— - 

_ 

26.4 

10.0 

10.7 

12.0 

6.0 

9.7 

3.1 

5.8 

6.4 

5.0 

11.4 

23£ 

6.4 

8.5 

3.8 

7.3 

7.3 

7.4 

7A 

ion 

15.7 

14.4 

_ 


7.0 

6.9 

3J 

12. 

8.7 

7.7 

8.2 

10.4 

3t.3 

13.0 

3^ 

8.5 

5.3 

7J 

10JJ 

9.5 

10.7 

6.7 ' 

6.1 

9J5 

15.0 

18-8 

_ 



3.0 

1Z0 

4.5 

7.6 


7.7 

55' 

B.7 

14.5 

6JJ 

6.1 

12.1 


•Dividend up 133% 

•Properties valued ^£38,712,000 




Copies of the Reports ^Accounts for 
1981 maybe obtained from 
The Secretary. Marlowe House* 
Station Road.Sidcup, Kent 
TeL Q1-3O033S8. 


THE TKUNG HALL 
USM INDEX 
123JL (—6.9) 

. Close of business I9/5/S2 
BASE DATE 16/11/89 106 
Tel: 01-638 1591 










As world fuel requirements continue to growand^ 
resources become less and less readily available, the search 
for efficient, economical ways of obtaining energy from 
more difficult and hazardous areas, such as deepsea oil 
fields, will assume new and crucial importance. The 

groundworkforthatldnd of technology-our energy hope 

for the next century-has to be earned out today. 

This challenge was referred to by Sir Peter BaxendeD, 
Chairman of The “ShelF Transport and fading Company, 
p JLc., at the Annual General Meeting on Wednesday, 19 May. 
The following are extracts from his sp eech. 

‘The most nebulous of the problems confronting as isthe 
danger of believing that today’s energy surplus land fragile 
inaiiet will carryforward into the indefinite future and thatfhe 
energy problem is gone forever. 

•Oil remains a finite resource and its supply ran be 

fescsffiESKKSssss 

teldS# investment and outstanding expertise. 

Growing expenditure 

It issSMSa 

SSSSSS SSe to £4.800n 1 i]Ho ? ,ofwhichJ 1 e I najor 

^oportion^again go into oil and gas exploration 3nd 
development 

TrovidingenfiigysuppUesandderelopingnatural 

?KES!SfflSS3SSSBSffl£ 

replacing and expanding oil and gas reserves worldwide. 


Increasingly the risks involved are growing, Energy and 
natural resource projects frequently demand enormous 
investment commitment for longperiods, as well as the 
development and use of advanced technology and the efforts of 
skilled and experienced personnel They are also subject to many 
legal and political uncertainties. 

Tn some cases such projects can be tackled only as joint 
ventures with governments, other large organisations or other 
members of the industry. We have experience of such projects 
and their management^ and are confident of our ability to 
partidpate profitably in such projects provided that the fiscaland 
political environment allows suffident opportunity 

Surplus capacity 

Much of the industry’s refining and petrochemicals 
capadty cannotbe economically usable in the future. However, 
because we antidpated the evolution of the market for oil 
products, we began upgrading our oil refineries in good time and 
believe we should be less affected than some of our competitors 
in the adjustment process. 

. ‘Not all the existing surplus of capadty will remain unused 
indefinitely. The chemicals business is particularly sensitive to the 
general level of economic activity and has been contending with 
the problems of the recession in Europe and the United States. 
Welookforward to improved performance when the 
world economy settles on theroad to recovery 

‘Our metals business, too, has been affected by the . 
recession, and we anfidpatebetter results when economic 
growth resumes. 

‘Growing inferestin coal development and use is good 
news for our young but rapidly expanding coal business, which in 
1981 reported its first profit from international trading. 


Much of the time we are in a business environment which 
makes prediction of even the short term future hazardous. Our 
confidence, howevei; derives from our awareness of the quality of 
the resources at the disposal of Shell companies. We have the 
staff, the technological capadty, the fin an rial resources and a 
structure of management responsibility particularly well 
equipped to deal with a stressful, changing world.’ 

For copies ofihefuE text of the Giairmon’s speech and of the 
Compa?iy ’s Annual Report for 1981 please complete the coupon. 



To: Ian Arthur, Manager, Shareholder Relations, 

The “Shell” Transport and Trading Company, pJLc^ 

Shell Centre, London SET 7NA. 

Please send me — copies of the Chairman’s speech and the 
Annual Reportforl9SL 












24 


Financial Times Thursday May 20 1982 


UK COMPANY NEWS 


Redundancy costs keep 
Redfearn in loss midway 


Dubilier 


Advance 
Services 

downturn after first six 




.9m Chamberlin 

& Hill 
shortfall 


SHARPLY HIGHER redundancy 
jayments of £1.02m, compared 
with £409,000. prevented Red- 
feani National Glass from 
moving back into profit in the 
26 weeks to March 28 1982. 

However, for the period this 
glass and plastic container manu- 
facturer did reduce its losses at 
the pre-tax level from last 
time's £1.61m to £624,000 on 
higher sales of E3L75XX1, against 
£29.73 m. 

The directors say the results 
reflect a considerable improve- 
ment in a very competitive 
situation compared with the 
previous year. 

They add that although the 
results are encouraging and that 
their expectation of a profitable 
year as a whole is unchanged 
trading is highly competitive 
and volume trends uncertain. 
Therefore their policy is to con- 
tinue to aim for higher pro- 
ductivity and a more acceptable 
return on assets employed. 

The chairman warned in his 
annual statement that the first 
half of the year would be un- 
profitable mainly because of 
redundancy payments — the group 
bad traded at a small profit in 
the second half of 19S0-S1. 

The first six months’ deficit 
this time was struck after net 
interest charges of £608,000 
(£645.0001, depreciation of 
£1.94m (£1.62m) and was sub- 
ject to same-again tax of 
£78,000. 

Stated toss per share emerged 
at 11.63p { 27.89 p> and the net 
interim dividend is being main- 
tained at Sp — a final of 5.28p was 
paid previously from taxable 
losses of £l-49m. 

As is usual trading results 
for the first half were affected 
by Christmas and New Year 


BOARD MEETINGS 

The following cwnpsniaa have notified 
dcres of board meeting a to the Stock 
Exchange. Such meetings an usually 
held tor the ■purpose ot considering 

dividends. Official indications are not 
available oa to whBther dividends are 
interims or finals and the subdivisions 
shown below ore tossed mainiy, on last 
year's timetable. 

TODAY! 

Interims: Bfccfchouse, Concentric, 
Construction Holdings. Herman Smith, 
bey's Found ties and Engineering, 
PlaMuraiTW. StockhokJen Investment 
Trust. 

Finals: Roe Art Developments. 
Hem bras Investment Trust, Scott and 
Robertson. TR Industrial and General 
Trust. TR Natural Resources Investment 
Trust, Tfrospac. Vosper. 

FUTURE DATES 

Interims— 

Greenfields Leisure — June 3 

Spencer Clark Metals — May 27 

Finals — 

Brurwring - June 1 

Capital and Counties May 2S 

Cater Allen _ May 25 

Dooanlontein Gold Mining ... June 8 

Driefontein Consolidated June 8 

East Midland Allied Press ... Juno 17 
Erelrine House Investments ... May 28 

Hicking Pentecost June 23 

International Point May 27 

Kloof Gold Mining June 8 

London Sumatra Plantations... May 27 
M. end G. Second Dual Trust May 27 
Tnetus .... Juno f 


holidays and by furnace repairs 
carried out in the period. 

A programme of redundancy 
was implemented in November 
and the workforce was reduced 
by some 2S0. This programme 
was accompanied by a factory 
reorganisation resulting in 
improvements in productivity at 
each factory. 


Good progress has been made 
at the RN Plastics subsidiary 
and an extra production 
machine was installed in March. 

As a result of action taken to 
reduce stock levels and to cut 
costs the group's cash situation 
has re main ed stable. 

CCA pre-tax losses were 
£1.44m. 

• comment 

As Redfearn had forecast, it was 
only substantial redundancy pay- 
ments which prevented a return 
to interim pre-tax profitability. 
This last batch of about 300 
redundancies effectively marks 
the end of a three-year pro- 
gramme which has seen the 
workforce cut by almost 40 per 
cent But the benefits of 
improved productivity have in 
great part gone to the customer. 
December’s 8 per cent price 
increase came under intolerable 
pressure from competitors, and 
PET prices seem to have fallen, 
in part a response to a similar 
trend in can prices. The PET 
operation managed to break 
even, but if Rockware enters the 
field, margins will come under 
still more pressure. The budget 
cut in fuel oil prices represent 
half of Redfearn 's energy costs, 
which was some relief, but 
overall, energy costs continue to 
outstrip price rises. Despite the 
hardness of the domestic market 
imports, especially from Austria, 
appear to be no less of a head- 
ache. Although Redfearn should 
be in. the black at the pre-tax 
level by the year end, a return 
to the profits of even two years 
ago is not yet on the horizon. 
Assuming a maintained final 
dividend, the shares, down 3p at 
147p, yield 8.2 per cent 


ADVERSE trading conditions 

contributed to the downturn in THE IMPROVEMENT which 
pre-tax proflt-at Advance Services was achieved in the second half 
from £4JS9m to £4.12m, for 1981. of last year has been sustained 
Profit, at halfway was little at Dubilier, maker of electronic 


changed at £2.2m. Turnover Tose 
from £35 .44m to £37-99m for the 
year. 

This linen supply and laundry 
group, formerly Advance Laun- 
dries, is maintaining its final 
dividend at 2.3p net per share, 
boostin gthe total by 0.3p to 3.3n- 
Earnings per lOp share are given u-ssrasp. 
as 4.94p, down from 9.95p, and 
fully taxed 4.77p, down from 
5.45p. 

The directors say the tax 
charge of £2.11m, against 
£667,000, js a consequence of the 
lower capital expenditure 
required because trading grew 
little and there was a planned 
reduction in stock of service 
equipment 

However, cash has been 
handled effectively, they say, and 
the increased dividend will not 
affect the group's ability to take 
advantage of any, upturn in the 
market 

“Thorough and unremitting'* 
research continues into develop- 
ing new services and finding new 
markets and business activities 
to keep the group growing. 

Although they see signs that 
the recession is no longer worsen- 
ing, this does not mean an 
imminent recovery. Service 
activities are typically slow to feel 
the full weight of recession and 
slow to gain, the benefits of an 
upturn in business. 

On a current cost basis, tax- 
able profit was £2.6m (£3m). 


components. Pre-tax profits of 
909,000 for the half year to 
March 28. 1982 compare with 
£440.000 for the correspond- 
ing period. An increased interim 
dividend of 0.7S09p net has been 
declared, against 0.650SP pre- 
viously — last time's final was 


have been incurred on the capacitor and resistor business 
Liverpool divestment which was has been proved well justified 
concluded durmg the half year. by . sharp - upturn in the 

direclors'say^the mcrke^reinaiM 

2 yzgtt 

butor it will soon be out- 


T urn over, at £9.1m, was up by 
11 per cent over the correspond- 
ing period last year. Exports 
advanced a further 13 per cent 

Commenting on the outlook 
for the year as a whole, the 
directors point out that the 
recovery of the industry from 
the effects of the recession re- 
mains far from complete, hut 
they expect the present tread in 
trading to continue. 

Group orders hare increased 
by 20 per cent and investment 
has continued in new products 
and equipment. Current product 
rationalisation plans are com- 
plete and no additional charges 


is “navigating the path 
recession more successfully than 
most of its competitors. Never- 
theless the present situation is 
disappointing. 

Dubilier Scientific continues 
to make steady progress with its 
ion source development pro- 
gramme and. as announced in 
February, reached agreement 
with Ion Beam Technologies, 
U.S., for joint development and 
marketing. 

Pre-tax profits were struck 
after interest payable of 
£249,000 (£239,000). Tax took 
£300.000 (£66,000). 

After an extraordinary debit 
last time of £172.000 net profits 
emerged higher at £609,000 
(£202,000). 

• comment 

Du biller's expensive with- 
drawal from its traditional 


stripped by the fast growing con- 
nector side. For the present, at 
least, the group has succeeded 
in shaking off the cheap import 
threat by shifting its product 
mix towards the high technology 
end of the market where 
customers, especially XJ.S. and 
British military users, put 
emphasis on guaranteed reliabi- 
lity. With borrowings slightly 
lower and no more surgery 
anticipated the second half 
looks, set to at least match the 
first pointing to a prospective 
p/e around 23 on yesterday's 
unchanged share price of 80p. 
The group is now keenly seek- 
ing to expand its connector 
interests, probably by acquisi- 
tion, into circuit board connec- 
tors — such as used in computers 
—which dominate some 35 per 
cent of the connector market. 


Irish Distillers expands 64% 







and Northern 
Group PLC 

PRELIMINARY RESULTS FOR 1981 

is Substantially improved second half results 
is Earnings per Share 1 1 .5p 
* Maintained dividend covered over 3 times 
& Net assets increased by £5 million to £51 million 
is Net borrowings reduced by £4 million to £17 million 
is Queens Award for Export Achievement 1982 awarded to Coopers 
(Metals) Limited 




1981 


1980 



£000 


£000 

Turnover 


216^85 


212.735 

PRE-TAX PROFIT 


8,629 


8763 

Taxation — current year 


3,187 

2327 


— prior year 


(W38) 

(4.211) 




1,349 


1884 

PROFIT AFTER TAX 


7,280 


10.647 

Minority interests 


(670) 


(1,496) 

ATTRIBUTABLE PROFIT ... 


6,610 


9.151 

Dividends — Preference 


(73) 


(73) 

— Ordinary 


(2,131) 


(2,131) 

Extraordinary items 





Goodwill 


(514) 

(3D 


i Other (mainly closure & disposed costs) 

(807) 

(211) 




OJZI) 


(242) 

RETAINED PROFITS 


3,085 


6705 


The directors have recommended a final dividend of 2.35p per ordinary share 
(3.36p gross) payable on 12th July to shareholders on the register oe 7th June 
1982 making a total for the year of 3.75p (5.36 gross). 

-The 'Annual Genera! Meeting will be held on 7th July 1982. Sopies of the annual report will 
be available from the Secretary. Essex Hall, Essex Street, London WC2R 3JD. 


Common 
Bros, loss 
jumps £2.2m 

REDUNDANCY payments and 
provisions for known future 
liabilities have contributed to a 
sharp increase in pre-tax losses 
from £290.000 to £2.56m at 
Common Brothers, ship owner 
and broker, for the eight months 
to February 28 1982. 

The company will continue to 
incur losses for the rest of the 
year, say the directors, but they 
are confident that these will be 
at a reduced level. They have 
recommended a reduced interim 
dividend of lp against 5p, which 
was also the total for last year. 

Product tanker freights 
improved marginally over the 
winter months but generally 
have remained at the depressed 
levels of last summer. The de- 
stocking of oil supplies should 
be completed by the fourth 
quarter of this year, say the 
directors. 

Some improvement in rates 
may therefore be looked for in 
the foreseeable future and they 
expect this will show first in the 
product tanker sector. 

The directors say the SS 
Veracruz will not reach profit- 
ability this year although in the 
first four months it has run to 
near capacity and produced 
profits. 

Proceeds of £7m from the sale 
of MV Simonburn and MV Strait 
of Canso will be used for 
working capital. The major 
portion of the profit from these 
sales has been held over because 
of a time charter arrangement. 

A credit of £415,000 before tax 
will be brought in for the full 
year — a proportion of which is 
shown in the results for the 
eight months. 

The disposal of the group 
holding in Trans-Offshore and 
Ewe Shipping made a pre-tax 
profit of £425,000, 

BANK LEUMI UK 

Bank Leumi UK has received 
acceptances for 1,436,612 shares 
in respect of its rights issue of 
1.5m new ordinary shares. In 
addition, applications in excess 
of the number available have 
been received for 120,079 excess 
shares. These have been allotted 
as to: up to 499 shares— in full; 
500 to 999 shares— 500; 1,000 to 
2,499 shares — 1.250; 2,500 to 

19,999 shares— 10,000; 20,000 
shares and above— around 50 per 
cent 


GOOD EXPORT expansion, 
coupled with generally improved 
margins, enabled the Irish 
Distillers Group to return taxable 
profits of I£4.4m (£3.67m) for the 
six months to March 31 1982, a 64 
per cent increase on the I£2.7m 
(£2.25m t made in the correspond- 
ing period a year earlier. 

The directors say that the full 
year outturn should also show a 
marked improvement over the 
previous year but the rate of 
growth will be significantly less 
than that for the first half as 
volume is expected to continue to 
decline in the Republic of 
Ireland* 


Meanwhile, they are stepping 
up the net interim dividend from 
Q.8Sp to l.lp per 25p share and 
say that the final (2.1Sp) will also 
be increased if their forecast for 
the year is realised. Half year 
earnings per share are given as 
S.71p (5.75p). 

Six months' turnover rose from 
£61. 95m to £76.25m and profits 
at the trading level came through 
well ahead at £7.95m (£5.87m). 

. The pre-tax surplus was after 
taking account of interest 
charges of £2. 47m (£2.24m) and 
depreciation of £I.04m 
(£910,000). It included associate 


from £2. 71m to £4. 45m. 

Tax took £430,000 (£51,000) and 
after minorities of £17,000 
(£21,000) the attributable 
balance emerged at £4m, against 
£2. 64m. It is pointed out that 
comparative figures have been 
adjusted to reflect the relevant 
retrospective cereal rebates. 

Metalrax up in 
first quarter 

First-quarter figures this year 
at Metalrax Group, the Btr- 


THE SUSTAINED depression in 
the foundry industry led to a 
fall in pre-tag' profits o£ 
Chamberlin . and. Hill from 
£653,747 to £486,406 in the year 
to March 31 1982. Turnover 
advanced by £299,000 to £9.49m. 

However despite earnings per 
Sp. share of this light grey 
iron '.founder being stated lower 
at 13.51p (17.67p) the year's 
dividend is being raised to 2.9p 
net (2.75p) with a final of l.Sp 
(1.65p). 

The directors say that once 
again the - engineering sub- 
sidiaries fared relatively better 
than the foundries, producing 
nearly half of the profits. 

Looking to the current year 
they say that although there 
has been a slight improvement 
in the order level of the 
foundries, margins are still 
extremely narrow, but the out- 
look for the. engineering 
subsidiaries' is reasonably 
satisfactory 

Tax .took £21.412 (£51.102). 
while current cost adjustments 
reduced the taxable profits to 
£203,000 (£500,000). 

At the half year stage the 
group was already behind with 
taxable profits of £201,000 
(£330,000) and . turnover of 
£4.32m (£4.9Sm). 

ICFC-Ied 
consortium 
aids Shipton 

Industrial and Commercial 
Finance Corporation heads a 
consortium including Philip Hill 
Investment Trust, the Nineteen 
Twenty-Eight Investment Trust 
and Moorgate Investment Trust, 
providing £3m to Shipton Com- 
munications Group to facilitate 
future growth. 

The £3m has been provided 


profits winch advanced sharply mingharr engineering company, in the form of a convertible sub- 


London Brick shows signs 
of overcoming slow start 


DISCUSSING current trading 
and prospects at the annual 
meeting of London Brick. Mr 
Jeremy Rowe, the chairman, said 
the company's subsidiaries gat 
off to a slow start in the current 
year due to both weather and 
economic conditions. In the case 
of Landfill, domestic waste opera- 
tions were also hampered by 
the strike of Aslef train drivers. 

He said the temporary cessa- 
tion of train delivery services 
was overcome by an immediate 
transfer to road. The day-to-day 
service to the Greater London 
Council was in no way affected. 
All subsidiaries were now 
recovering lost ground and, in 

P articular, the steps taken at 
anbury Alton were beginning 
to show through in a return to 
profitability. 

There was now an underlying 
improvement in demand for 
bricks. In this division the year 
also started badly, with weather 
conditions compounding the 
industry's problems. Since the 
Budget and a reduction in 


returned and that was translated 
into a heightening tempo an 
building sites. Since then, the 
order book had strengthened 
and the pace of demand 
quickened. 

Current trading, he said, was 
satisfactory, but poor results in 
the opening quarter might stilt 
prevent any real progress show- 
ing through at the half-way 
stage. Prospects for the year as 
a whole appeared to be 
encouraging. 

Mr Rowe told shareholders 
that it was the intention of the 
group to become a holding com- 
pany controlling six major 
operating subsidiaries, namely: 
London Brick Produets, London 
Brick Engineering, London Brick 
Property, London Brick Landfill, 
Croydex and Banbury Alton. 

Each subsidiary would have 
its own managing director, 
charged with the responsibility 
of operating the company profit- 
ably and ensuring growth in 
their particular activity. 

He said the great mass of the 
group's employees would not be 


were up on last year’s, Mr John 
Wardle. the chairman, told the 
annual meeting. 

He said the first half would 
show "a reasonable improve- 
ment" over the first six 
months last year, even though 
there was no sign of an end 
to the recession. “ In fact, 
during April we experienced a 
slight dip in demand," he said. 


ordinated loan stock, dated 1992 
with a coupon phased from 7 per 
cent to 10 per cent The loan 
is convertible into. 49.99 per cent 
of Shipton's equity. 

Shipton supplies and instals 
on both sale and rental terms a 
wide range of communications 
products including internal 
telephone and loud speech 
systems, 


mortgage rates, confidence affected by the restructuring. 

Barton reduces taxable 
deficit to £179,564 


REDUCED pre-tax losses hare 
been shown by Barton Transport 
for the 24 weeks to March 13, 
1982. The deficit was lower at 
£179,564 against £270,962 on 
higher turnover of £3 .22m 
against £2.92m. 

The directors of this “close" 
company state that seasonal 
fluctuations mean the first half 
results should not be taken os 
an indicator of the year as a 
whole. 

In the last full year pre-tax 
losses stood at £95,162 on turn- 
over of £7.14ra. 

In the period under review, 
the directors say that the im- 
provement in trading conditions 
mentioned in the chairman's 
annual statement is continuing. 


but is still at a low ebb. 

It is expected that the trans- 
actions in connection With the 
current year's bus renewal pro- 
gramme will be carried out and 
completed during the remainder 
of the current financial year. 
Any surplus arising will be in- 
cluded in the full year results. 

Pre-tax profits were struck 
after a profit on the sale of buses 
last time of £29,066. Investment 
income was higher at £3.038 
t £2,977) and associated pro- 
fits were lower at £7.010 
(£10.438). 

Group tax took £911 (£893) 
and associate tax took £4,700 last 
time. Net losses were down at 
£1S0,475, against £276,555 pre- 
viously. 


EUROPEAN OPTIONS EXCHANGE 


Serlea . 

May 1 

Vol. g Last - 

j 

V 01. 

tag. 

| Last 

I A 

1 VoU . 

lov, 

| Last 

\ Stock 

GOLD C 

£32& 

1 

I - 4 i 

i ip 

! 8 j 

1 37 





|$341.5 

GOLD C 

$350: 

1 32 

j L50 

33 

83 

34 

34- . 

1 ,P 

GOLD C 

53751 

_ i 


4! 

14.50 | 

— 

— | 

M 

GOLD G 

wooj 




10 I 

7.50 1 

48 

18 ! 

n 

GOLD C 

84351 

_ 

— 

185 

4.50 1 

. — 

— j 


GOLD P 

8300 

_ 

— 

*■ \ 

4 

— 

— 

| F» 

GOLD P 

S385, 

80 

020 

— • 


85 

14 I 


GOLD P 

S3 50 

88 

8.50 BJ 

IB 18.50 

18 

25 i 

»• 

GOLD P 

8400| 

— 1 

! • ” 

3 j 

55 i 

~ J 

— I 

•9 


1 2ii NL 81 87-91 


P.U0I 

1.59 


C F.11S.L., 

C F.117.601 

P F.llOi 

P F.115] 

NL 81 85-88 
C F.1Q5I 

10*4 NL 80 85-95 


18 


60 1.30 






6 

& 

SO 


2.10 a! 
0.50 I 

2.10 < 


- I - 'F.1J4 

5 I 2.80 ‘ „ 

8 1 0.70 

35 , 0.90 

' — I — I » 


15 ] 1.30 I - i - ;F.1Q6 


NOTICE OF ISSUE 


ABRIDGED PARTICULARS 


Application has been made to the Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the O/licial List. 

WREXHAM AND EAST DENBKHSIfflE 
WATER COMPANY 

(Incorporated in England on 23rd June. 1864 by The Wrexham Waterworks Ad, 1864} 

OFFER FOR SALE BY TENDER OF 

£ 2 , 000,000 

9 per cent. Redeemable Preference Stock, 1987189 
Minimum Price of Issue— £100 per £100 Stock 

yielding at this price, together with the associated tax credit at the current rate, C12JB5 percent. 

This Stock is an investment authorised by Section 1 of the Trustee Investments Act, 1961 
and by paragraph 10 of Part II of the First Schedule thereto. Under that paragraph, the required 
rata of dividend on the Ordinary Capital of the Company was 4 per cent, but, by the Trustee 
Investments (Water Companies) Order 1973. such rate was reduced to 2.5 per cent, in relation 
to dividends paid during any year after 1972. 

The preferential dividends on this Stock will be at the rate of 9 per cent, per annum and no 
tax will be deducted therefrom. Under the imputation tax system, the associated tax credit at 
the current rate of Advance Corporation Tax (3/7ths of the distribution) is equal to a rate of 
3 677ths per cent per annum. 

Tenders for the Stock must be made on the Form of Tender supplied with the Prospectus 
and must be accompanied by a deposit of £10 per £100 nominal amount of Stock applied for 
and sent in a sealed envelope to National Westminster Bank PLC, Now Issues Department, 
p.O. Box No. 79, Drapers Gardens, 12 Throgmorton Avenue, London EC2P 2BD marked 
‘Tender for Wrexham Water Stock”, so as to be received not later than 11 a.m. on Wednesday, 
26th May, 1982. Hie balance of the purchase money will be payable on or before Monday, 
28th June, 1982. 

Copies of the Prospectus, on the terms of which alone Tenders will be considered, and 
Forms of Tender may be obtained from:— 

Seymour, Pierce & Co, 

10 Old Jewry, London EC2R 8EA. 

or from the principal office of the Company at 21 Egerton Street, Wrexham, Ctwyd LL11 1ND. 


NOTICE OF ISSUE 


ABRIDGED PARTICULARS 


Application has been made to the Council of The Stock Exchange for the undermentioned 
Stock to be admitted to the Official List. 

1HE BOUHEHOUIH AND BISIRCI 
WATER COMPANY 

Originally registered In 1864 as the Bournemouth Gas and Water Company Limited under the Companies Act. 1862. 
Incorporated as a Statutory Company under The Bournemouth Gas and Water Act, 1B73 the name ot the Company 
being changed by uie Bournemouth end District Water Act, 7957. 

OFFER FOR SALE BY TENDER OF 
£1,500,000 

9 per cent. Redeemable Preference Stock, 1987189 
Minimum Price of issue— £100 per £100 Slock 

yielding at this price, together with associated tax credit at the current rate, £12A5-per cent. 

This Stock is an investment authorised by Section 1 of the Trustee Investments Act, 1961 
and by paragraph 10 of Part 11 of the First Schedule thereto. Under that paragraph, the required 
rate of dividend on the Ordinary Capital of the Company was 4 per cent but, by the Trustee 
Investments (Water Companies) Order 1973, such rate was reduced to 2£ per cent in relation 
to dividends paid during any year after 1972. 

The preferential dividends on this Stock will be at the rate of 9 per cent per annum and no 
tax will be deducted therefrom. Under the imputation tax system, the associated tax credit at 
the current rate of Advance Corporation Tax (3/7ths of the distribution) is equal to a rate of 
3 6/7ths per cent, per annum. 

Tenders for the Stock must be made on the Form of Tender supplied with the Prospectus 
and must to accompanied by a deposit of £10 per £100 nominal amount of Stock applied for 
and sent in a seeled envelope to Deloitte Haskins & Sells, New Issues Department, P.O. Box 
207, 128 Queen Victoria Street, London EC4P 4JX marked 'Tender for Bournemouth Water 
Slack**, so as to be received not later than 11 a.m. on Wednesday, 26th May.1982.The balance 
of the purchase money will be payable on or before Tuesday, 27th July, 1982. 

Copies of the Prospectus, on the terms of which alone Tenders will to considered, and 
Forms of Tender may be obtained from: — 

Seymour, Pierce & Co., 

10 Old Jewry, London EC2R SEA. 

Lloyds Bank PLC, 

300 WelMsdown Road, Bournemouth BH11 8PN 
or from the offices of the Company, 128 Queen Victoria Street, London EC4P 4JX and 
George Jessel House, Francis Avenue, Bournemouth BH11 8NB. 


C 

F.1QOI 50 

, 1.60 

1 

! — 

1 “ 

| 

F. 10 1.80 

C F.1Q5] - 

114 NL 82 88-98 

1 - 

j 120 

j 0.50 

1 

: 

M 

C 

F.108.60! 575 

1.20 

23 

l 2 

- 


F.104 

C F. 107.60} ~ 

10 NL 82 86-89 

- 

- 

I - 

6 

0.90 

w 

C 

F.IOOI — 



100 

1 1 

2 

1.80 

F.99.50 

C 

F.I0B.50! - I - 

July 

55 : 0.30 
Oct. 

- 

- 

Jan. 

<• 

AKZO C 

FJB5 

— 

— ■ 

10 

| 2.90 

- 


F.26.50 

AKZO C 

F.27.50 

32 

0.90 

63 

1.70 


— 

■ ■ 

AKZO C 

F.30 

55 

0.40 

136 

' 1 

49 

1.40 

91 

AKZO C 

F.38.50 

30 

0.10 

8 

0.70 


— 

M 

AKZO P 

FJS5 

100 

0.50 

“ “ 

— 


— 


AKZO P 

F.27.50 

57 

1.50 

10 

1 a 

= 

— 

M 

AKZO P 

F.30 

32 

3.60 

— 




• • 

AKZO P 

F.38.50 




15 

I 6 

- 

- 

HEIN C 

F.55 




5 

6 Ai — 

- 

F.59/70 

HEIN C 

F.60 

15 

2.50 

6 

3.50 

5 

6 

19 

HEIN C 

F.65 

— 

— 



t — 


3 

HEIN P 

F.60 



— 

— 

— 

19 

4 

„ 

HOOG C 

F.17.3G 

30 

0.70 

— 

— 

— 

- ;F. 15.90 

KLM C 

F.90 

95 

12.80 

-1 

— 

— 

— 

F.100 

KLM C 

F.10Q 

F.llOi 

90 

6.50 

— 

— 

— 

•— 

PI 

KLM C 

75 

3,10 

17 

5.80 

— 


tv 

KLM C 

F.120 

57 

1.40 

Z6 

3 

— 

““ 

Vi 

KLM P 

F.BO 


— 

5 

2.20 

— 


99 

KLM P 

F.90 

35 

1.30 

— 

- 


— 

■9 

IV 

KLM P 

F.lOOi 

3 

5.50 A 

80 

6.50 


— 

MEDL C 

F.120 

105 

3 

IB 

6.70 B 

12 

8.50 F.119 

NEDL C 

F.130 

71 

1:30 

IB 

3.40 

— 

— 

Tf 

NEDL C 

F.140 

— 

— 

10 

1.80 

— 

— 

Vi 

NEDL P 

F.110 

29 

1 

— 

- 


— 

ir 

NEDL P 

F.120 

167 

4.80 

27 

6 


_ 

VP 

NEDL P 

F.130 

117 12.20 A 

■ — 



— 

— 

■V 

NEDL P 

F.140 

6 122.30 

— 

— 

— 

— 

va 

PHIL C 

FJ2.501 

74 

2JZ0 





— 

- F.24.5D 

PHIL C 

F.25- 

— 

— 

17 

1.30 

43 

1-80 A 


PHIL C 

F.27.50' 

10 

□.10 

5 

0.60 

95 

0.80 ' 


RD G 

F-80' 

19 1 

12.40 A 

15 

12.50 

— 

— 

F.92.30 

RD C 

F.90; 

239 ; 

2.80 ■ 

18 

4.80 

— 

— 

BP 

RD C 

F.lOOi 

28 , 

0.70 

30 

1.60 

48 ' 

2,50 : 


RD P 

F.80 ; 

110 | 

0.60 

50 

1.30 

— 

— ' 


RD P 

F.90 

46 > 

5.60 

58 

4.80 

25 

5.20 

" 

RD P 

F.100 

14 ‘ 

12.50 B 

— 

— 

— 

— i 


UNIL C 

F.150 

S ; 
May 

3.70 ; 

6 4.50 

Aug. 

— - F.156.50 

Nov. 

VW 0 

DM.140: 

5 ' 

13.20 

— 

— • 

— 

- DM153,50 

VW 0 

DM.1501 

— ' 1 

— : 

10 

7r50 [ 

— ' 

_ i 

„ 


TOTAL VOLUME !N CONTRACTS: 

A = Asked B“Eid 


4187 

C-Call 


P=Put 


BASE LENDING RATES 


A.BJtf. Bank 13 % 

Allied Irish Bank 13 % 

American Express Bk. 13 % 

Amro Bank 13 % 

Henry Ansbacher 13 % 

Arbulhnot Latham ... 19 % 
Associates Cap. Corp. 13 % 

Banco de Bilbao -13 % 

BCCI 13 % 

Bank Hapoalim BM 13 % 
Bank Leumi (UK) pic -13 % 

Bank of Cyprus 13 % 

Bank Street Sec. Ltd. 14 % 

Bank of N.S.W 13 % 

Banque Beige Ltd. ... 13 % 
Banque du Rhone et de 

la Tamise S A. 13*% 

Barclays Bank 43 % 

Beneficial Trust Ltd.... 14 % 
Bremar Holdings Ltd. 14 % 
Brit Bank of Mid. East 13 % 

I Brown Shipley 13 % 

Canada Perrn't Trust... 13|% 
Castle Court Trust Ltd. 13$% 
Cavendish GtyT'st Ltd. 14 % 

Cayzer Ltd, 13 % 

Cedar Holdings 13 % 

I Charterhouse Japhet ... 13 % 

ChouJartons 33i% 

Citibank Savings 11123% 

Clydesdale Bank 13 % 

C. E. Coates 1 14 % 

Comm Bk of Near East 13 % 
Consolidated Credits ... 13 % 

Co-operative Bank *13 % 

Corinthian Secs 13 % 

The Cyprus PopularBk. 13 % 

Duncan Lawrie 13 % 

Eagil Trust 13 % 

E.T. Trust 13 % 

Exeter Trust Ltd. 14 % 

First Nat, Fin. Corp..... I5i% 
First Nat Secs. Ltd.... 15*% 


Robert Fraser 14 % 

Grindlays Bank t!3 % 

I Guinness Mahon 13 % 

l Hambros Bank 13 % 

Heritage & Gen. Trust 13 % 

I Hill Samuel §13 

C. Hoare & Co fl3 % 

Hongkong & Shanghai IX % 
Kingsnorth Trust Ltd. 14 % 
Knowsloy & Co. Ltd. ... 13*% 

Lloyds Bank 13 % 

Maliinhall Limited ... 13 % 
Edward Blanson & Co. 14 % 

Midland Bank 13 % 

I Samuel Montagu 13 ^ 

I Morgan Grenfell 13 % 

National Westminster 13 % 
Norwich General Trust 13 % 

P. S. Refson & Co 13 % 

Roxburgh e Guarantee 131% 

E. S. Schwab 13 % 

Slavenburg's Bank 13 % 

Standard Chartered ...jjis % 

Trade Dev. Bank 13 % 

Trustee Savings Bank 13 <6 

TCB Ltd. 13 % 

United Bank of Kuwait 13 % 
Whiteaway Laidlaw ... 134% 

Williams & Glyn's 13’% 

Wintrust Secs. Ltd. ... 13 % 
Yorkshire Bank 13 % 

Members o[ tea Accepting Houses 
Coramlnu- 

-7-day daoasm -10%, l-mcnte 
10.25%. Siion. »mi C8.000/12 
month 12.6%. 

7-Ooy deposits on sums at; undsr 
C10.000 10L%. £10.000 up to 
C5C.030 11%, £50.000 and over 
11',%. • • 

Call deposits £1,000 and over 
10%’. 

21 day deposits over Cl, 000 111*%'. 
Demand dspcaits 10^% % 

Mongaga (mm rata. 





25 



Financial Times Thursday May 20 1982 



Sir David Orr reviews the relationship between Unilever PLC and the world 
in which it operates at the Annual General Meetingon Wednesday 19th May 1982. 


“In almost every major decision we take today we have to consider a 
variety of interests — the interests of those who depend on us as well as the 
interests of those whom our actions affect indirectly in their enjoyment of the 
environment or in the quality of their lives as members of complex 
communities ” 

The rapid improvement in global communications and increasingly 
complex economic and political inter-relationships all mean that a 
diversified enterprise like Unilever is part of an international community 
with, responsibilities to a wide range of individuals an d institutions. 

__ In the Western industrial countries public confidence in many of 
our institutions i n cluding business, trade unions and even the political 
system has waned. After the period of unprecedented growth and full 
employment from the Second World War to the early 1970’s, many see the 
present stagnation in our economies and high unemployment as 
evidence of the inability of our free market system to cope. It is under 
attack from another quarter too as new values critical of materialism 
emerge. These suggest that the social costs of efficiency outweigh the 
benefits and, indeed, challenge the legitimacy and purpose of profit. 

• I do not believe that such critics can offer a better alternative to the 
democratic free market system we follow in the West. This is not to-say 
that our market economy is perfect. In any democratic society the 
interests of government, unions, consumers, and public and private 
enterprises must be balanced. In helping to preserve this balance, we in 
the business community must be aware of the criticisms directed at us, 
even though they are often superficial or contradictory. 

We must show that business enterprise deserves to exist not as of 
right but by virtue of what it contributes to hum an well-being, that it is 
responsive and can adapt to meet the changing needs and expectations of 
society 

WEALTH CREATION 

“Let me start by re-affirming our belief in the vital role private 
enterprise plays in creating wealth efficiently” 

The current phase of economic stagnation has not shaken Unilever’s 
faith in the competitive market economy. Rather, it has strengthened our 
conviction that the only way to break out of the present rut is to mobilise 
the driving force of private enterprise. In the developing countries 
particularly, all of our experience suggests that private enterprise is the 
most powerful engine to create the wealth without which development 
will not be possible. 

In an environment of competitive enterprise, Unilever must be 
efficient and profitable to stand up to its rivals. Our contribution to 
wealth is the value added we create. In 1981, this amounted to £3 % 
billion. Unilever’s continued ability to create added value and to make 
innovative and risk-taking investment depends on our profitability. 

SHAREHOLDERS 

“Our shareholders range from the large Institutions — the insurance 
companies and the pension funds — to the small savec” 

A business like ours, particularly a steadily growing one, depends 
on the availability of fluids to finance investment in capital assets and 
working capital . Our main source of new capital is the profit we retain in 
the business. We are very conscious of our obligations to the equity 
shareholders who have a right to expect a reasonable return on the 
money they have invested in our stock. So we aim to produce good results. 

But this is not solely for the benefit of shareholders. It is also for the 
good of the business. Ensuring a fair return to our shareholders 
maintains oiir reputation on the stock markets and bourses in case we 
should need to gp to the market for additional equity capital. 

Since 1970, the dividends of Unilever PLC have risen fourfold and 
those of Unilever NV have more than doubled. In each case, the rise has 
compensated in full for inflation in the home country 

OTTR CUSTOMER. THE CONSUMER 

*5is the world’s largest producer of household products such as food, 
determents and personal products, Unilever is keenly aware of its 
responsibility to serve well the needs of the consumers of our goods.” 

We must provide products which people want and that are safe, 
reliable and give value for money. Yet to achieve these goals calls for 
harne ssing all the world-wide resources and expertise of Unilever, from 
basic research and production through to marketing. 

People's needs are continually changing. To find out what they want, 
Unilever carries out continuous market research, spending well over £15 
million annuallv. The results help us to define products that are needed 
and their chief characteristics such as performance, price, appearance, 
smell and taste. 


Once we have developed a new or improved product which we 
believe will meet a consumer need, we must invest in production and 
distribution, and tell people that the product is available. 

Last year, Unilever companies together invested £445 million in 
capital projects and spent about £250 million to advertise over 1,000 
different brands to customers in more than 100 countries. 

Equivalent to, on average, only a few per cent of the final price of a 
product, advertising helps to make possible the high sales volume which 
leads to greatly reduced unit costs and lower prices to the consumer But 
advertising will not work if the product itself does not offer enough 
benefits to make consumers want to buy it again. 

Wc support and follow the voluntary standards of “legal, honest, 
decent and truthful” advertising as required by the Code of Practice 
drawn up in 1973 by the International Chamber of Commerce, and its 
adaptions in various countries. 

Naturally we also take great care to ensure that our products are safe. 
This starts with Research as every new ingredient of a food product and 
its packaging, every new formulation of a cleaning product or toilet 
preparation lias to be cleared as safe. Our elaborate system of testing 
requires the efforts of two hundred full-time scientists and their 
supporting staff. 

Once a product is finally cleared for safety, we make sure that 
nothing we do in the process of manufacturingmakes it harmful. This 
calls for careful control of the working environment together with 
vigorous quality controls. 

Once outside the factory, skills in distribution are essential to ensure 
that perishable products arrive at the retailer in the state we want. 

We strive continually to give customers value for money and choice 
when they buy a Unilever product Sometimes we wonder whether we 
offer too many varieties and brands. But we believe that we serve the 
consuiu er best by offering a wide range of choice between our brands and 
those of our competitors. 

GOVERNMENTS 

“For we must never forget that outside our two home countries, the 
UK. and the Netherlands, our presence depends entirely on the consent 
of the host country.” 

The relationship between Unilever and the governments of these 
countries is based on interdependence. Unless governments create a 
climate in which wealth creation is encouraged we cannot fulfil our 
responsibilities to the many who are involved in our enterprise. 
Governments in turn should be able to rely on a vigorous and inventive 
private sector to provide the employment and the financial, contribution 
every country needs. 

But in many countries we frequently find that what governments 
want from us is not at all clear. Often this seems to stem from an 
ambivalence towards private enterprise, particularly towards the foreign 
investor. Invariably the result is excessive regulation and controls, and 
frequent, abrupt policy changes. 

However, it goes without saying that we conform to the law in every 
one of the countries in which we operate. 

We also believe that Unilever must remain dear of party politics. We 
do not contribute funds to groups whose activities are directed to promote 
party interests. We believe that this abstention from party politics 
preserves Unilever’s integrity. So too does Unilever’s policy of not 
making payments to politicians or government officials. 

Wherever Unilever companies operate, they feel to the fullest extent 
part of the community and make a very real contribution to its prosperity 
We are determined to remain good corporate citizens. Our companies, 
therefore, make a real effort to adapt their products and marketing to suit 
local culture and ways of life. 

This sometimes raises the issue of a local equity stake in a Unilever 
company. We prefer to retain full control, though equity partnership with 
a load business, with the government or with the public may be 
appropriate as we have found in Nigeria, Kenya, India, Indonesia and 
other countries. What is important to us is to see that the business will 
continue to be run on commercial lines, to have a real say in 
decision-making and to see that our partners have the same aims as we 


“Of all our responsibilities, the one closest to us Is our concern for 
our employees who are the lifeblood of the business.” 

Our ability to raise finance, to develop new products and to market 
them successfully depends in the final analysis on the capability of the 


■••••• •• : . r =' isc**** ^ -™*^ * . . . — v-. 

Pr^derltlj^ 
proposed 3 vote ;V 

' of thanks totheDirectors and Employees©! ' 

thanks 

We 1 


’ •• •• -! . f ‘ • ‘ : • • ‘ A •; ■ 

’ xA \ V; •• r ** • ' •• •••' 

■'* *** * ****** *' OF UNILEVER 

■ : .■ ■ r .• wvf r, v. w*,» 


from which to^Sart Own Chairmanship; 

offered good wishes to Sir David and Lady Qru : v - ; 
for the future. ; . 

' Sir David Orr, in thanking Mr. Medhu&t = * :: v V 
and Mr. Durham, referred totheenjoyment ; 7 * 

nnH intarocf thjaf hklifcm ! lnitevfir had* . 





' *. ' ■ . is*-' 


. Y 77 ~ XI •••*. ..*• *Y. • , 7 

:^ir. ^tytecltyirat: fiords. •, 



the world. He 


%- "h " * % 


sote^cf- : yy 

V\ [. \ ■■ ' •' ‘ .. / 

... . ■•■•■v-.y. ■*tv : w\v -x ^ ^ W . < • ' . ■’ • •• 

■ -nr-. 


.w.. — r — ^ — -- 

Mr Medhursfs words of thanks. Sir DaVkf--..: '>;V; 

expressed his own gcxxJ wi^ies and hopes for; ^ , % 
Unilever's future and hi$ certainty thatfoe y 

foturew^ in good^^nds, } 


people who work for us and their motivation to do a good job. Again, our 
interests are totally interdependent. 

We take a good deal of care to select those young people who seem to 
have the skills, character and interest which equip them to contribute 
effectively. I must emphasise that Unilever’s policy is not to disc riminate 
on grounds of race, religion, sex or nationality. In those few countries 
whose social structure makes it hard to carry out this policy we do what 
we can without breaking the law or deviating too far from local custom. 

Unilever places a very high priority on training as we cannot afford 
to stand still or to stop learning new skills. Each year, we spend about as 
much on training our employees as we do on research and development. 

In every country where we operate our companies try to ensure that 
remuneration and other conditions of employment such as working 
hours, holiday entitlement and sickness and pension schemes provide a 
reasonable standard of living. 

Job security is a major concern of employees everywhere but 
particularly in the Western European countries. We recognise that our 
reputation as a good employer has been built not only on treating our 
people with consideration and fairness but also on providing, as far as 
possible, continuity in' their jobs. 

However, our companies cannot be expected to be immune from 
market forces and some operate in industries which have been hit hard by 
the recession. In difficult times, we have to face the unpleasant necessity 
of reducing numbers and, in some cases, even of having to close complete 
units. To prop up loss-making units indefinitely would be unfair to the 
rest of our employees. 


Our employees understandably want to be more closely informed of 
the progress of the company and of its future prospects. How this is 
expressed in practice varies from one country to another 

In countries where legislation is introducing new participation 
systems, our companies will co-operate fully in making them work. 
Where there are no such laws, we nevertheless expect our companies to 
respond actively to their employees who want to know more about 
decisions affecting them and to have their views taken into account. 

It has always been Unilever’s pol icy to seek good working relations 
with trade unions and other such bodies provided they are properly 
representative of groups of our employees. 


UNILEVER AND SOCIETY 

“I referred earlier to our decision to behave as responsible and 
creative members of the communities in which we operate.” 

Sometimes it is difficult to reconcile the way we perceive our 
obligations with the calls which are made upon us. 

We absolutely accept our responsibility not to pollute the 
atmosphere by harmful emissions of smoke or effluent We go further; and 
try positively to improve the environment in which we work. \Aife design 
our factories to fit in well with their surroundings. 

Yet there are demands that we do more, that we repair the ravages 
caused by others. We will play our part but we cannot be extravagant at 
the expense of the commercial viability of our companies. 

Similarly we try to support worthy charities and to encourage the 
arts. Throughout the world we contribute about £2 million each year to 
educational, cultural and charitable activities — but there seems to be no 
end to the number of good causes we are asked to support. Regrettably 
there must be some limit to die depth of our purse. 

In today’s climate of high unemployment in Europe when we are 
having to reduce staff numbers in some areas, we are asked what we can 
do to create new employment. 

Wfe have tried to keep our recruiting of trainees and apprentices up 
to normal levels; we contribute to training workshops and to schemes to 
advise people on how to go into business on their own; and we consider 
with our employees new patterns of employment which will help a larger 
number to be wage earners. We will continue to co-operate with 
government bodies and trade unions and try to make inroads into t he 
problem, but any action we take must take account of the ability of our 
companies to compete and the interests of the larger number of our 
employees. 

Resolving dilemmas like this has become a very real part of the 
burden of the management in modern times. If in our derision-taking we 
put as our first consideration the long term viability of Unilever it is only 
because sustained profits are an essential prerequisite if we are to 
continue to play a full and constructive role in the world co mmuni ty 



Unilever 

The Annual General Meeting of Unilever N.V took place in Rotterdam on the same day 
Mr. H. E van den Haven , Chairman of Unilever N. V., presided and delivered the same 
speech as S ir David Orr in London. The Company has published a report made to the 
British Government under the LLC. Code of Conduct for companies with interests in 
South Africa. Copies of the report may be obtained from the address below 


liyonm^liictorecdveacapy- 
of the fufl text of the speech please 
complete this coupon 
Th; PnbHe R ri a ti i w t IV pi ' iwum ^ 
Unilever PLC, P.O. Box 68, Unilever 

House, London, EC1P4BQ, 



1 






" rv> r 


26 


Companies and Markets 


UK COMPANY NEWS 


MINING NEWS 



’s gold 
to rise 


BY KENNETH MARSTON, MINING EDfTOft 


NOW rated as Canada’s largest 
single producer of gold, Camp- 
bell Red Lake Wines will be even 
bigger this year, reports John 
Soganich from Toronto. The ex- 
panded mine and plant is 
expected to turn out 212,000 oz 
gold compared with 200,528 oz 
last year and 189,536 oz in 1980. 

Campbell also bas the advan- 
tage of low costs, these being 
CS1 16.42 per oz last year com- 
pared with an average gold price 
received of CS544.75 per oz. In 
19S0. costs were equal to only 
CSS3.53 but the subsequent rise 
reflected in part the need to 
eliminate the wage differential 
which existed for many years 
between gold mines and the rest 
of the .Canadian mining 
industry. 

The company has a 25 per 
cent stake in its Detour Lake 


open-pit gold venture. This is due 
to come on stream in October 
next year at a total cost of 
C$l45.7m (£649m) at an initial 
annual production rate of 88,000 
oz. The other partners In Detour 
Lake are Amoco Canada Petro- 
leum 50 per cent and Dome 
Mines 25 per cent. 

Meanwhile, the Little Long 
Lac Gold Mines group is 
embarking on a rationalisation 
programme which will result in 
a reduction in the number of 
its satellite companies. 

Last year, group profits moved 
ahead thanks to the forward sale 
of the planned gold output of 
178,200 oz at a price of C$735 
per oz. This year it has sold 
forward some 119.000 oz at 
C$630, equal to U.S.S509 com- 
pared with yesterday’s market 
price of U.S.$342. 


Jackson Exploration has 
first quarter turn-round 


THE Dallas-based oil and gas 
producer Jackson Exploration 
reports pre-tax earnings for the 
three months ended March 31 of 
$307,748 (£169,600) compared 

with a loss of $71,907 in the 
same period of last year. 

After providing for deferred 
taxation the net profit comes out 
at $256,720, or 6 cents a share 
compared with a loss of 2 cents 
a share a year ago. 

Commenting on the first 
quarter results Mr Melvin 
Jackson, the chairman, says 
that profits were less than hoped 


for because of lower gas 
production and sales. 

During the quarter Jackson 
leased an additional 391 acres 
on the 17 undrilied prospects 
held at the beginning of the 
period. Seven new prospects were 
generated by the company on 
which 3,154 acres have been 
leased. 

Four were tested and proved 
dry leaving an inventory of 20 
undrilied prospects containing 
10,704 acres. Five development 
wells drilled during the quarter 
were successful. 


More oil from Dullingari 


THE Dullingari 29 development 
well drilled in South 
Australia's Cooper Basin has 
flowed oil at a rate of 800 barrels 
a day (b/d) from the Murta 
zone between the interval 4.750 
to 4,795 feet, according to 
Santos. 

Last week the well confirmed 
the presence of a new oil 
reservoir in the Dullingari oil- 
field when testing of the Jurassic 
Namur zone over the interval 
4,885 to 4,962 feet produced an 


oil flow of 2,650 b/d. 

Dullingari 29 will be completed 
as an oil producer and the drill- 
ing rig, Richter 2, will move to 
drill the Strzelecki 10 gas 
appraisal well in the Strzelecki 
field. 


Interests in the Dullingari field 
are Santos, 50 per cent. Delhi 
Petroleum, 30 per cent, Vamgas, 
10 per cent, and Sooth 
Australian OU and Gas Corpora- 
tion, 10 per cent 


by El Oro and 


Both Exploration Company 
and El Oro Mining & Exploration 
Company, which are associates 
of each other holding 49.85 per 
cent and 40.26 per cent respec- 
tively, report advances in pre- 
tax profits for 1981. 

Exploration, with a £238.924 
(£257,344) contribution from 
associates, pushed profits ahead 
from £0.95m to £l.03m, subject to 
tax of £458.366 (£411,291). 

The net interim dividend of 
1.05p per 5p share stands against 
last year's single payment of 
O.S75p and an interim of 1.75p 
gross is declared in respect of 
the current year. After 19S1 
dividends the retained balance 
came through at £449,179 
(£431.231). 

Profits of El Oro, meanwhile, 
rose from £739.037 to £745,668. 
including associates of £354.790 
(£316,336). Tax took £325.708 
(£319.889) and dividends twice 
that of Exploration’s have been 
paid and declared on the lOp 
shares. 


Moran Tea 
cuts interim 
distribution 


With the announcement of a lp 
cut in the interim dividend to lp 
net per £1 share, the directors of 
Moran Tea Holdings say the con- 
tinued UK recession and high 
interest rates have affected the 
company’s UK property invest- 
ment and development activities. 
This will have an adverse affect 
on the results for 19S2 they say. 


Meanwhile, in India, despite 
current prices received for tea 
being some 4p per kilo higher 
than last year, continuing 
inflation and increased costs of 
production mean the tea sub- 
sidiary is trading at a loss. 


Rigorous action is being taken 
to rectify the Indian subsidiary’s 
financial position by strengthen- 
ing the management and by 
stringent control of costs, tbey 
add. 


BIDS AND DEALS 


THF seeks 
director on Savoy 




Agreement on 
Redland offer 
for Cawood 


Trusthouse Forte has written 
to Savoy Hotel shareholders 
urging them to accept its pro- 
posals to put a representative 
on to the Savoy board. The 
letter also seeks to guage the 
shareholders’ readiness to accept 
buy new bid proposals when, 
under the terms of the City Code, 
Trusthouse becomes free from 
June 19 to reopen last year’s 
bitter takeover battle. 

THF proposes that Mr Eric 
Hartwell, its vice-chairman and 
joint chief executive, join tbe 
Savoy board. Since the only 
vacancy on the Savoy board was 
receniy filled, Trusthouse is first 
proposing that the maximum 
number of Savoy directors be 
increased to 12. 

The circular from Lord Forte, 
Trusthouse chairman, explains 


that “with its holdin g of 65 per 
cent of the equity, THF is by 
far the largest single share- 
holder in the Savoy. 

“ It is therefore wholly equit- 
able and reasonable that it 
should be represented in a non- 
executive capacity by at least 
one director on tbe board of the 
Savoy, which is by law its sub- 
sidiary company, whilst holders 
of 35 per cent of the equity are 
represented by 11 directors. 

“ In seeking to protect its 
investment by appropriate parti- 
cipation in important board 
decisions. THF’s interest are 
entirely consistent with those of 
all other shareholders." 

The Sa voy b oard has already 
likened THF’s proposals for 
representation as “ having a 
piranha in the bath” but share- 


holders will Be Siren a chance 
to decide at the annual meeting 
on May 28. 

BSC PENSION FUND 
S. G. Warburg says the offers, 
made on behalf of Tarerose, a 
company wholly-owned by BSC 
Pension Fund Trustee, to acquire 
the share capital of Federated 
Land have become unconditional 
in all respects. 

Acceptances have been 
received in respect of 10,376,031 
new shares and 10.376,031 
deferred shares of Federated, 
representing 95.4 per cent of the 
share capital of Federated. 
Acceptors in respect of 102,310 
new shares and 102,810 deferred 
shares have elected to receive 
loan notes of Tarerose. Cheques 
and loan notes will be sent by 
June 7 1982. 


Acceptances of the Redland 
recommended offers for 
shares of Cawoods Holdings have 
hen received from holders of 
44,351,439 ordinary shares (over 
91 percent) and from the holders 
of 161,440 preference stock units 
lover 80 per cent), bankers 
Morgan Grenfell announced 
yesterday. 


Bemrose rejects Bunzl offer 


Bemrose Corporation. the 
security printer, yesterday 
signalled its intention of 
opposing the £13.8m bid from 
the Bunzl paper and packaging 
group in a strongly- worded letter 
to its shareholders. 

Bemrose chairman, Mr Gordon 
Brunton, described Bunzl's 120p 
per share offer as wholly 
inadequate and the bid as “hasty 
and inadequately conceived.” 

Bemrose. which is being 
advised by Kleinwort Benson, 
alleged that by following up 
Tuesday’s unsuccessful “ dawn 
raid " with a formal offer Bunzl 
and N. M. Rothschild had been 
in clear breach of the City’s 
takeover and merger code, which 
requires a wait of seven days 
before further shares could be 
acquired. 

Bemrose is advising its share- 
holders to reject the Bunzi bid 
and will be offering detailed 
reasons for its stand as soon as 
the formal offer document has 
been received. 

Meanwhile. Mr James White, 
managing director of Bunzl, said 


he expected the offer document, 
containing precisely the same 
terms outlined at the time of 
tbe first bid, would be sent out 
Dext Tuesday or Wednesday. 

Bemrose may hear from its 
shareholders at today's annual 
general meeting what they think 
of the offer. At Bunzl's meeting 
yesterday no questions were put 
about the company's plans. “It 
was the essence of quietness,” 
Mr White said. 

Bemrose is offering 120p in 
cash for 1.68m of Bemrose's 
shares and I20p no minal of 11.25 
per cent convertible unsecured 
loan stock 1992-94 for the 
remainder. 

Bemrose's shares fell back 2p 
to 127p at yesterday’s close, 
while Bunzl was a further 5p 
lower at 175p. 

Bunzl’s early morning raid on 
Bemrose on Tuesday failed to 
net a single share when counter- 
bidding from a number of stock- 
brokers pushed its share price 
above Bunzl's offer price. 
Mr Robert Maxwell's British 


Printing and Communications 
Corporation (BPCC), which has 
been actively seeking new 
acquisitions in recent weeks, was 
reportedly, one of the counter 
bidders. 


The offers have become uncon- 
ditional as to acceptances and 
remain open for acceptances until 
further notice. 

Meanwhile the Office of Fair 
Trading yesterday confirmed that 
the merger of Redland and 
Cawods will not be referred 
the Monopolies and Mergers 
Commission. 

However, Morgan Grenfell 
says the offers remain con- 
ditional. inter alia. On the passing 
of the resolutions to be proposed 
at extraordinary meetings of 
Cawoods and Redland to be held 
on May 20 1982 and May 24 19S2 
respectively, or at an; adjourn- 
ment of these meeting. Further 
announcements will be made 
concerning these conditions, 
adds. 

Morgan Grenfell, an associate 
of Redland, yesterday sold on 
behalf of a discretionary client 
40,000 Redland shares at 174p. 
and sold 200,000 Carwoodg shares 
“ assented ” at 290p, also oi 
behalf of a discretionary client 


SGH OFFER FOR 
TANKS’ PREF. 

Acceptances of the recom- 
mended cash offer on behalf of 
Soclete Generale Holdings 
(SGH), a subsidiary of Soriete 
Generale de Belgique, for all the 
issued 9 per cent cumulative re- 
deemable preference shares of 
Tanks Consolidated Investments 
have been received in respect of 
1,321.671 preference shares, 
representing 89.03 per cent of 
the shares. 

SGH held no preference shares 
prior to the announcement of the 
offer and has not acquired or 
otherwise agreed to acquire any 
preference shares during the 
course of the offer. 

The offer bas been declared 
unconditional and will remain 
open for acceptance until further 
notice. 


Be jam buys 
head lease on 


Plymouth site 


BSR expansion in Far East 


BSR, the record changer and 
electronics group, is poised to 
make further acquisitions in the 
Far East to augment its success- 
ful computer peripherals sub- 
sidiary, Astec International, in 
Hong Kong. 

Mr John Ferguson, the chair- 
man, told the annual meeting, 
that “currently we are nego- 
tiating to acquire a major 
shareholding in another com- 
pany, which is also an original 
equipment supplier to the 
electronics industry." Its pro- 
ducts are complementary to 
those of Astec. 

BSR also hopes to purchase a 
reasonable minority interest in 
another company with Interests 
in microwave technology, com- 
bined with an agreement for 
Astec to manufacture and distri- 
bute products to its mutual 
benefit 

“These two purchases would 
be in keping with our original 
plan to expand our Far Eastern 
operations," he explained, “by 
capitalising on Astec's position as 
a major peripheral component 
supplier to the computer industry 
by expanding its product base." 

While the terms of the pro- 
posed deals have not been dis- 
closed. it is understood, that Astec 
will be able to fund tbese acqui- 
sitions and its own internal 
expansion from its existing 
resources. 


Mr Ferguson did not see “ any 
evidence of a sustained recovery 
in the near future, and con- 
sequently we shall continue with 
our policy of reducing costs and 
improving efficiency wherever 
possible.” 

Astec, however, is proving 
“ contrary to this situation and is 
coping with a much higher level 
of demand for its existing pro- 
ducts, as well as introducing new 
products. This should sustain its 
record of growth over the next 
few years-" 


of the Britannia shares to which 
accepting ordinary shareholders 
of G and C may become entitled, 
was accepted by holders of 
2,689,773 G and C ordinary 
shares. This offer has now 
closed. 


Be jam has acquired Plymouth 
Commercial- Properties, whose 
sole asset is a new 125-year head 
lease on a modern purpose-built 
shop and office property in 
Plymouth city centre. 

Part of the retail area is 
occupied by Bejam and the 
remaining shops, together with 
the offices, are fully let The rent 
payable under the head lease is 
8 per cent of the receivable rents. 

The consideration of £837.328 
was satisfied by 771,742 new 
ordinary shares. 

Be jam's Plymouth branch is 
achieving the highest turnover 
of its ISO freezer food centres. 
Bejam anticipates that the rental 
value of this property will 
increase considerably in the next 
few years. The company sees 
great benefits in being a virtual 
freeholder. 


Hartley Baird 
gains EGM 
at H. Baldwin 


John Menzies 
adds to 

Lonsdale stake 


BRITANNIA ARROW 
ACCEPTANCES 


Britannia Arrow says that 
acceptances of the offer made 
to ordinary shareholders of 
General and Commercial Invest- 
ment Trust on April 26 1982 
have been received from holders 
of 4,905,621 ordinary in G and C 
(91.8 per cent of tbe existing 
issued ordinary share capital). 

The ordinary offer has become 
unconditional as to acceptances 
and the determination of net 
asset value of the existing 
G and C ordinary shares for the 
purpose of calculating tbe value 
of the offer will be made as at 
May 17 1982. The ordinary offer 
remains open for acceptance 
until further notice. 

The separate cash alter- 
native offer made by Lazard 
Brothers and Co, for ail or any 


John Menzies (Holdings) yester- 
day purchased 25,000 ordinary 
shares in Lonsdale Universal at 
67 p. Menzies now owns 3,440,867 
Lonsdale ordinary shares and 
39,071 first preference shares. 

The shares owned by Menzies 
carry 40.52 per cent of the total 
voting rights exerciseable at any 
general meeting. 

In addition, Menzies has 
received acceptances of its offer 
for Lonsdale in respect of a 
further 116,021 ordinary shares 
and 343 first preference shares, 
which together carry 1.23 per 
cent of the voting rights of 
Lonsdale. 


An EGM has been announced 
by EL J. Baldwin for June 18. 
The meeting was requested by 
Hartley Baird, which owns 63.3 
per cent of the Nottinghamshire 
concrete and clay products manu- 
facturer, and which has pursued 
a year long struggle to replace 
the Baldwin board with directors 
of its own choosing. 

Four new directors proposed 
by Hartley Baird were voted on 
to the hoard after Baldwin’s AGM 
last month, when the re-election 
of Mr Reg RodweW, the former 
managing director, was also 
opposed. 

Mr Rolls Biand. the present 
chairman, and one of the four 
original directors who still 
remain, said then that he 
expected an EGM to be called in 
order to remove himself, Mr 
Peter Hewlett, Mr Mick Mee and 
Mr Peter Jones from the hoard. 


CITY OF ABERDEEN 


RIO TINTO-ZENC 


IRON TRADES INSURANCE GROUP 


RESULTS FOR 1981 


PREMIUM INCOME 

INVESTMENT INCOME 

UNDERWRITING RESULTS 

Association 

Subsidiary Company 

SURPLUS BEFORE TAX 

TAXATION 

SURPLUS AFTER TAX 

FREE RESERVES AT 31st DECEMBER 


1981 

1980 

£m 

£m 

71.9 

65.3 

21.4 

18.7 

(5.0) 

(2.0) 

(1.4) 

(1.8) 

15.0 

14.9 

9.4 

7.8 

5.6 

7.1 

52.5 

41.1 


UNDERWRITING RESULTS 


The Iron Trades Employers Insurance Association Ltd. 

In common with other insurers, the “ Association ” continued to suffer from the down- 
turn in the underwriting cycle exacerbated by an excess of underwriting capacity. Premiums 
are being quoted quite out of keeping with known claims experiences and future claims 
inflation. 


Iron Trades Mutual Insurance Company Ltd. 

There has been a further year of growth with premium income increasing by £9m to 
£40.0m. Private Motor and Householders Insurances represent the major proportion of 
premium income and despite difficulties with commercial insurance, prospects for 19S2 
are optimistic. Profit before tax increased by £1.3m to £4. 3m. 


RESERVES 

Group reserves 1 have grown significantly from f 41.1m to £52. 5m reflecting the deter- 
mination to face the problems of claims inflation and uneconomic premium ratings from 
a position of strength. 

Copies of the report and accounts may be obtained from the Secretary, The Iron Trades 
Insurance Group, Iron Trades House, 21/24 Grosvenor Place, London SW1X 7JA. 



Accaptances to thp offer by 
City or Aberdeen for General 
Trust and Heritages have been 
received in respect of 9,933 
ordinary (66.2 per cent), 10,205 
preference (69-8 per cent) and 
34.600 deferred (86.5 per cent). 
City nf Aberdeen intends to ex- 
tend the offers until June 4, 


1982. 


Negotiations are in progress 
which are expected to lead to 
the transfer to RV Chemicals 60 
per cent held by Rio Tint® Zinc, 
of the businesses carried on by 
BOC at its Mersey works. 

The assets to be transferred 
represent less than half of 1 per 
cent of tbe net assets of RTZ or 
BOC. 


Financial Times Thursday May 20 1982 


L 

M 

OND 

ay IB- 

ON TRADED 0 

rotal Contracts 2,260 Calls 1 
July { Oct. 

PTIONS 

900, Puts 360 
Jon. 


Option 

Ex'rclsc 

price 

Closing 

offer 

Vo|. 

Closing 

offer 

Vol. 

Closing 

offer 

Vol. 

Equity 

close 

BP Ic> 

280 

38 



48 

1 

— 

“ 

310p 

BP (Cl 

500 

22 

12 

30 

1 

42 

1 


BP (cl 

330 

9 

10 

ia 

— 

24 



BP ipi 

2BO 

6 

33 

11 

— 


— 


BP (pi 

300 

13 

5 

34 

— 

30 

1 


BP (pi 

330 

50 

64 

40 

— 

44 

— 


CU ic) 

130 

10 

— 

16 

— 

20 

27 

l32p 

CU IC> 

140 

6 

— 

10 

22 

16 

10 

Cons. GkJ (cl 

390 

14 

— 

25 

1 

37 


374p 

Cons. Gld (pit 

420 

57 

6 

67 

— 

70 



Ctlds. ic) 

• 70 

18 

2 

21 

— 

— 


86p ] 

Ctlds. (Cl 

80 

ai ? 

96 

12 

29 

19 

2 


Ctlds. (□) 

90 

41i 

94 

81- 

50 

13 

20 


Ctlds. io) 

100 

2 

15 

5 

— 

8 


u 

GEC <c> 

850 

B7 

1 

87 

_ 

114 

— 

B82p 

GEC (c) 

900 

29 


54 

50 

84 

— 

.. 

GEC ip) 

650 

12 

1 

25 

— 

32 

— 


GEC t pi 

900 

35 

4 

50 

2 

65 

2 


Gr-d Met fci 

1B0 

32 

2 

39 

5 

— • 

— 

aoap 

Gr’d Met. ecu 

200 

16 

64 

23 

— 

28 

— 

„ 

Gr'd Mot. (c 

220 

6 

31 

11 

6 

15 

— 


? Gr*d Met ipi 

200 

6 

61 

121; 

14 

14 

9 

H 

Gr'd Met. (p> 

220 

16 

29 

25 

12 

26 

— 

ICI ici 

300 

24 

14 

30 


40 

— 

S12p' 

» 

ICI ‘cl 

360 

3 

3 

7 

— 

— 

— 

ICI IpV 

300 

8 

2 

a- 


17 

- 


ICI (pi 

530 

23 

7 

— 

34 


" 

ICI <pt 

360 

BO 

1 

54 



— 

— 


Land Sec. <ci 

280 

13 

2 

35 

— 

33 

— 

27Sp 

Land Sec. ICI 

300 

a 

25 

16 

— 

23 

— 

155p 1 

! Mks& 5p. (o) 

160 

61* 

7 

101- 



14 


Shell (c) 

3B0 

55 > 66 

August 

46 . 3 1 58 

November 

- - 414 * H i 

- February B I 

Barclays (c> 

460 

22 

2 

37 

— 

60 


458p 

” 

Barclays Ip) 

420 

6 

2 

15 

— 

— 


Barclays (pi 

460 

18 

4 

23 


28 

— 


Imperial >c) 

70 

27 

60 

- 

— 


— 

93ft 

Imperial fc) 

80 

17ia 

7 

2015 ; - 


32 

Imperial ic) 

90 

10 >3 

315 

14 

26 

17 

— 


Imperial (o 

too 

5>b 

380 

8 

SI 




Imperial ip) 

90 

3 

30 

4ia 


8 ia 

— 

Imperial (p) 

100 

a 

23 

ID In 

_ 

IDs 

— 


Lasmo Ccj 

350 

30 

Z 

45 

1 

62 

— 

327p 

Lasrno (ci 

360 

17 

7 

34 



45 



Lasmo ic) 

390 

11 

25 




— 



H 1 

Lasmo (c) 

420 

S 

20 

— 

— 

— 

— 

.. 

Lonrho (c) 

70 

441 

101 

6 ia] 

112 

• Bij 

6 

68p 

Lonrho (ci 

80 

2 

■— 

5i- 

— 

5 

22 

Lonrho fp) 

80 

15 

6 

15 



14 



Lonrho ip) 

90 

23 

10 








P&O (e) 

120 

28 

2 

32 






143p 

P & O (c) 

140 

12 

— 

15 



20 

2 

RacaJiei 

360 

SB 

— 

73 

2 





Racol ic) 

390 

35 

2 

63 

1 

66 


Racal ici 

420 

18 



35 

4 

48 



Rocal (ci 

460 

6 

— 

15 

4 

28 

_ 


Racal (p) 

360 

3 

9 

8 





Racal ip) 

390 

12 

6 

22 

' 1 

20 




Racal (p) 

420 

30 

6 

36 


40 

1 


Racal ip) 

460 

60 

2 

65 



70 



RTZ (C) 

420 

57 

7 

54 

5 

60 



J 

441|> \ 

RTZ IC) 

460 

17 

12 

32 

3 

42 

1 

ftTZ(p) 

590 

6 

5 

14 





RTZ (p) 

420 

16 

1 

22 

1 

32 




RTZ (p) 

460 

37 

4 

47 


52 




RTZ (pi 

600 

77 

2 





" 6 

Vaal Rfs. (d 

45 

7 

25 

8 


9 


649 " 

Vaal Rfs. (d 
G= 

50 

=Call 

31a 

6 

41b 

P=F 

Blfl 

»ut 


n i 

C 


Feedback profits 
above forecast 
with £954,782 



-jins 


T: 


TAXABLE PROFITS of Feedback 
rose by 27 per cent from £750^04 
to £954,782 in the year to March 
31 1982. which the company 
points out comfortably exceeds 
its forecast of 18 per cent growth 
to £875.000 made at the time of 
its USM placing last -November. 

With earnings per lOp share of 
this designer.and maker of elec- 
tronic, electrical and micro- 
processor equipment for industry 
and education stated at 6.99p 
(5.4Sp) the final dividend is set 
at lp making a total of 2p as 
forecast in the group’s 
prospectus. 

During the year, the directors 
say, continued progress was made 
in orders received and turnover 


which moved ahead from £5ffSni 
to £5.86m. This growth * is 
expected to be maintained, the) 
add. 

The. pre-tax profits were struck 
after interest charges of £24£7( 
(£38,983) and included an asso 
crate’s losses of £13,225 (£11,775). 
Tax took £383,400 (£312,781) 
leaving attributable profits or 
£57US2 (£438,123). and aftd 
dividends of £168,000 (£99,940} 
the retained balance emerged ai 
£403,382 (£338,183). ■> 

Current cost adjustments 
reduced -the taxable profits U 
£825,704 (£509,789) and stated 
earnings per share to 5.41r 
(2.46p). 


Some improvements at 
BTR in opening months 


Sir David Nicholson, the chair- 
man. of BTR, told members at 
the annual meeting that the 
group had experienced some 
further increases in its overall 
business in the opening mon t hs 
of the current year. 

Regarding the group’s £25m 
takeover last year of Serck, the 
Birmingham valve maker,, he said 
that news of the . Monopolies 
Commission investigaltion of the 
acquisition appeared imminent 
He understood the report had 
been prepared and that he hoped 
to hear the result “very soon” 

At Firmin & Sons meeting 
jjie chairman said the year had 
started well and present indica- 
tions suggested that the first half 
profits were likely <co exceed 
those of the previous year. 

Bridon shareholders were told 


that nothing had changed the 
directors' judgment that it would 
be wrong to count on any signifi- 
cant improvement in the world 
economic climate to help the 
group in the achievement of the 
best possible results for 19S2. 

The chairman of Cape 
Industries said the company ^had 
traded at a “modest” profit ip 
the first quarter and results to 
date were “somewhat ahead” oj' 
expectations.- . 

At Spirax-Sarco Engineering 1 , 
the ch airman revealed that over- 
seas order intakes for the firsl 
four months had been maintained 
in real terms at the same level 
as a year earlier and added thaf 
if the apparent undertone . of 
greater confidence in the home' 
industry continued then the . 
group’s results for the pear 
would benefit accordingly. 


A 


Yearling bonds 
total £15.9m 


Yearling bonds totalling £15.9m 
at 13} per cent redeemable on 
May 25 1983 have been issued 
this week by the following local 
authorities. 

Bromsgrove DC £0.5m; Bury 
(Metropolitan Borough of) £0ffm; 
Lothian Regional Council £0.25m; 
Southend-on-Sea BC £L5m; 
Havering (London Borough of) 
£lm; Knowsley (Metropolitan 
Borough of) £0.5m; Llanelli 
(Borough of) £0225m; South 
Tyneside (Borough of) £0.75m; 
Tewkesbury BC £0ffm: Welling- 
borough (Borough of) £0-25m; 
West Glamorgan CG £0.75m; 
Brighton BC £lm; Fife Regional 
Council £lm; Brent (London 
Borough of) £Q.5m: Buckingham- 
shire CC £1.5ra; Hounslow 
(London Borough of) £1.5m; 
Alnwick DC £0.15m; Barnsley 
Metropolitan BC £lffm; Erewash 
(Borough of) £0.5m; Gosport BC 
£0.75m; Hastings BC £0.75m. 

Rhymney Valley DC has issued 
£0.25m of 14 per cent bonds at 
par for redemption on May 15 
19S5 and SL Edmnndsbury BC 
bas issued £0ffm of 13} per cent 
bonds also at par for redemption 
on May 16 1984. 


First quarter 
setback for 
Francis Inds. 


Customer demand at Francis 
Industries in the first three 
months of the current year waj 
significantly lower than that w 


the previous year and as a result __ ^ , 
the group’s results for tht j[yTr P 
quarter were “very substantially’ 11 ’ ““ 

short of last year’s level, M> — 

Sandy Saunders, the chairman 
says In his annual report 
He adds that every opportunity , 
is being -looked at . . 4 to achieve 
a higher utilisation of group 
capacity. Further steps have beer . 
taken to reduce costs amc .. 
although it is unlikely that thi • • 

group can make up the los ' 
ground, the chairman says ther< . 
are indications of some improve 
meat in tire second six month? - 


ASSOCIATE DEAL 

S. G. Warburg and Co, as an 
associate of Pearson Longman, 
sold on May 17 on behalf of a 
discretionary investment client 

25.000 ordinary 25p shares of 
Pearson Longman at 347p and 

5.000 at 345p. 


As reported on May 13, taxablt 
profits of this specialist maim-' 
jacturer of packaging arc ■ 
industrial products, mainly fox 
the -petrochemical, paint anc 
automotive industries, declined 
from £LSm to £1.74m for 1981 
although turnover was litiTe 
changed at £29B6m (£29.71m). 

At year end shareholders’ 
funds totalled £12.S7m (£12.23m) 
and net current assets were 
£5. 73m (£6.24m). Bank loans and; 
overdrafts were higher at £2.83m. 
(£1.9Smj. Meeting will be at tbe 
Institute of Chartered - 
Accountants' Hall, EC, on June 
10, at noon. 


INVESTMENT COMPANIES 

LONDON TST. 

PRE-TAX revenue of London 
Trust improved from £4.9m to 
£5.06m in the year to March 31 
1982. Tbe final dividend is raised 
from 2.25p to 2.5p net for an 
increased total of 3.75p against 


Gross revenue rose from 


<£1.6m). 

Stated earnings per 25p share 


AMBROSE INV. 


LON; & LENNOX 

Revenue before tax of London. 

& Lennox Investment Trust 
edged ahead from £610.563 to - - 
£623,690 for tbe 12 months to 
March 31 1982 and the net total 
dividend is being marginally,' . . 
increased to 2p per 25p share, 
compared with 1.9p, by a same- 
again final of L4p. 

Net revenue emerged it . 
£403,174 (£373570) after all,* • s ‘ 
charges including tax — and - • 
including £7,501, against £25,331, 
relating to the subsidiary. UK ■ 
tax took £220,516 (£237,293). 

Stated earnings per share 
were 2225p liOSp) and net 
assets per share totalled 59.4p'S! 
(61.5p) at March 31. Total , 
assets at market value were^ “ 
£11 .3m (£12.58m). 


Expenses took £62,936, up from 


£241,826, leaving net 


A final dividend 0.2p higher at 


DUALVEST 


A higher final dividend .of 


WHITBREAD INV. 


Total dividend for the year Is 


Tax was higher at £L43tn, 


?• 




f ./Associiite . 
■\viirydf i t.nll i men 
or^jodpuclhy. 
;if. yoiccdeeifi -youi 
roLOu’jepigliiidi 






V 


Gucci 


e 





Account 


Throughout theyeao 
we offer excellent terms to - : •; .7 \ 
assist Companies, purchasing. ■ 
incentive awards, presentations . 
and gifts of the quality and . 
style only Gucci can provide. i 
IbrfuriherinfennaiMin- 

please call ----- 
Ms. Olfat Esfandiari dee ^ 
01-629 2462 direct lint . ' V 
01-629 2716 ext 30, 3L ’ • . ^ 
27 OLD BOND STREET, V/. 
LONDON W1X3AA. 


Sj 


"•'C- ' 

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Financial Times Thursday May 20 1982 

N Ceapames sad Markets. 


INTERNATIONAL COMPANIES and FINANCE 


27 


JTS 

i-V h£* 
> • * l $- 


■*4, 

i 


St 

h 


• . '* 
■’ -*v .. £ 






% 

or 

nds. 

i r.-Tuo 


— .i * 

• • • 

■ % 


Italy expects 
to reduce 
Euromarket 
borrowing 

- By Alan Friedman hi Rome 

ITALY’S state and private sec- 
tor 1 borrowings in the Euro- 
market are expected to total 
about $6bn this year, against 
$9bh last ear. The main reason 
for this reduction will be an 
expected $2bn to $3bn decline 
in the ’ 1982 current account 
deficit, according to the Bank 
ol Italy. 

Italian borowers, public and 
private, will have to pay about 
§4bn this year as interest on 
outstanding debt Between $2bn 
to $2.9bn of debt will mature in 
the year. The latest estimate is 
that the current account deficit 
will decline from $8bn in 1981 
to $6bn or less this year, leading 
to a lower borrowing require- 
ment in the Eurobond and Euro- 
credit markets. 

The country's outstanding 
externa] debt is about S47bn. 
of which $35bn is mostly in the 
public sector and the rest 
private commercial bank debt 
related to export-import busi- 
ness. 

About 75 per cent of Italian 
debt on international capital 
markets is in U.S. dollars, but 
the Bank of Italy expects 
borrowers to diversify further 
into other currencies this year. 

Both borrowers and banks 
are demanding diversificaXon, 
said Dr Giovanni Magnifico. 
counsellor of the Bank of Italy. 

• There had been some *' dis- 
crimination ” against Italian 
names in the markets, but Italy 
hopes to prevent interest rate 
margins from rising, he said. 

■ Commenting on the queuing 
system for Italian borrowers, 
which came into force under 
Treasury and Bank of Italy 
supervision last September. 
Dr Magnifico said there had 
been some friction, but the 
genera] reaction had been 
favourable. Friction between 
two or more borrowers wishing 
to come to the market at the 
same time was "unavoidable,” 
and the bajk had sometimes 
stepped in . 


TransCanada bonds 
hit by Dome worries 

BY PETER MONTAGNON, EUROMARKETS CORRESPONDENT 


EUROBONDS Issued bv the 
Canadian utility- TransCanada 
Pipelines were hit by a flurry 
of nervous selling yesterday 
morning as investors began to 
worry about the borrowers con- 
nection with the troubled Dome 
Petroleum concern. 

P* r cent bonds due 
t 1989 fell three points at one 
j stage to be quoted at about 98. 
although the price later picked 
1 up after UBS (Securities!, lead 
j manager of the TransCanada 
issues, stepped in to support the 
j market. 

■ Mr Nicholas Ryan, director of 
UBS- (Securities), said that dur- 
ing the day his firm bought 10 
tunes as many TransCanada 
bonds as it sold. “The marfset 
now knows that we are 
interested in buying the bonds. 
We've succeeded in stabilising a 
situation that was in danger of 
numing out of control.” he said 
last night. 

Dome Petroleum, which re- 
cently announced exceptional lv 
! poor business results, owns 
j about 47 per . cent of Trans- 
Canada Pipelines. Little trad- 
ing in its own Eurobonds was 
reported yesterday as attention 
switched lo the TransCanada 
issues. 

“ The market tarred Trans- 
Canada Pipelines with the same 
brush totally without justifica- 
tion." Mr Ryan said. "It's a 


public utility regulated by the 
National Energy Board. I( is 
structured in such a way that 
Dome cannot lake advantage of 
it.” 

The volatile movements in 
TransCanada bonds may also 
have been exaggerated by the 
very thin trading in yesterday's 
market which saw other bonds 
virtually unchanged. 

But another casualty of the 
market's recent deterioration 
has been the S60m, 15? per cent 
issue by Mead Internationa 1 ! 
which was postponed bv lead 
managers Hambros Bank. 

In other primary market news 
the 550m Illinois Power issue 
has been priced at 992 per cent 
with a coupon of 14 1 per cent 
by lead manager Credit Suisse 
First Boston. 

Citizen Watch is raising 
DM30m through a 6J per cent 
convertible placement due in 
1989. The conversion premium 
is 8 per cent and (he issue price 
has been set at par by lead 
managers Baycrische Larvdes- 
bank and Nikkn Securities. 

In the Samurai bond market 
Australia is raising YlObn 
through an 8 per cent 10-year 
issue priced at 99.95 by lead 
managers Nomura Securities. 

Swiss Franc foreign bonds 
were little changed, while 
D-Mark bonds fell about i point 
in very thin trading. 


Luxembourg bank boosts 
profit and dividend 

BY OUR EUROMARKETS CORRESPONDENT 


! BANQUE Generate du Luxem- 
! bourg has reported rapid growth 
for Iasi year with net profits up 
29.6 per cent to LuxFrs 320.8m 
($7.5m) and total assets up 29.3 
per cent to LuxFrs 159.7bn. 

The bank is paying a dividend 
of LuxFrs 240 compared with 
LuxFrs 205 for 1980. 

Last year’s growth was due in 
large measure to a sharp 


interbank deposits was much j 
slower at 17.2 per cent. 

The general meeting yester- 
day approved an increase in the I 
bank's share capital from ! 
LuxFrs 1.44bn to LuxFrs 2.2bn 
which may be carried out in 
several tranches. 

As a first slep the bank will 
offer a one-for-flve rights issue 
at nnr which will raise paid-in 


— • o'- — » •***«*»f " * »v iiik.it win rciiar jidju-m 

increase in customer deposits capital to LuxFrs J.75bn through 
whieh rose 36.5 per cent io the issue of 85,000 new partici- 
LuxFrs 105.3bn. Growth in pation scares. 


FT INTERNATIONAL BOND SERVICE 


The list shows the 200 latest international bond issues for which an adequate secondary market ) 
exists. For further details of these or other bonds see the complete list of Eurobond prices which 1 
. T. -will be published next on Wednesday June 16. Closing prices on May 19 


■Vi’i 


U.S. DOLLAR 
STRAIGHTS 
Aetna LH* 15 86/97 
Amax In*, fin. 16V 92 
Amen O/S Fin 14% 89 
APS fin. Co. 1ft 89 
Amtco O/S Fin. 15*. 86 

ATT 14*. 89 400 

Pater Int. Fin. 0.0 SB 22B 
BL. Amer. NT SA 12 87 200 
Burroughs Int. 15k 88 60 

Canada* 15V 87 150 

Can. Nat. Rail 14% 91 100 
Carolina Power 16*. 89 60 

CISC 16 87 100 

Citicorp O/S 15 84/92 10O 
Ciricorp O/S 15*. 85/97 125 

CNA 15*. 97 75 

Con. Illinois 15k 89 ... 100 
Duka Pwr. O/S 15V 89 60 

Dupont O/S 14’* 88 ... 400 
Dupont O/S Cap. 0.0 90 300 

ECSC 14*. 87 50 

EIB 15*7 89 150 

Eksportfinans 14V 89 ... 50 

Gan. Elac. Credit 0.0 92 400 
Gen. Else- Credit 0.0 93 400 
Garry Oil Int. 14 89 ... 125 
GMAC O/S Fin. 18 88 150 
GMAC O/S 15% 85/97 100 
Gulf Canada Ltd 14k 92 100 

Gulf Oil 141. 94 T»5 

Gulf Oil Fin. 0.0 92 ... 300 
Gulf Slates O/S 16 90 
Int.- Am Dv. Bk. 15V 87 
Japan Airlines 15% 88 
Japan Dew. Bk. 15V 87 
New Brunswick 16*. 89 

OKG 15*. 58/97 

Ontario Nvd. 16 91 fN) 

Ontario Hydro 14% 89 .. 

Pec. Gas & El. 15% 89 




Pac Gas & El. 15V 89 

45 

J. C. Penney Gl 0.0 94 

350 

Phillips Petrol 1* 89 .. 

290 

Ouabac Prov. 15*4 89 

150 

R J: ftvnlda. O/S 0 0 92 

400 

Saskatchewan 16 89 . 

125 

Sonin 15% 87 

100 

STetsloratag 15% 87 ... 

50 

Sweden 14% 88 

150 

Swarf Ex Cred. *5*4 89 

100 

Swarf. Ex. Cred. 0.0 94 

200 

Transcanaris IB 89 

100 

Union Carbide 14% 89 

150 

Weils Faroo i. F. 15 87 

75 

WMC Fin. 15% 88 

50 

World Bank 15*4 88 •- 

250 

Average price changes... a 

DEUTSCHE MARK 


STRAIGHTS 

Issued 

Asian Dev. Bank 9*4 92 

150 

Australia 9% 91 

300 

Australia 9% 91 

200 

Comp. Tel. Esp 10V 92 

100 

Denmark 10 88 

100 

Denmark 10V 92 

WO 

EOF 9% 92 

100 

EEC 10V 93 

100 

EEC 9% 94 

200 

EIB 9% 88 

GO 

Ireland 10V 86 

100 

Mexico 11 88 

100 

Naenl Financiers 11 90 

150 

Nat. West. 9% 92 

WO 

New- Zealand 9*4 89 ... 

200 

OKB S% 86 - - 

150 

Quebec TOV 92 

ISO 

Quebec Hydra 10V 91 . 

150 

Rente 10 92 - 

100 

Tsuernflvtobahii 9% 94 

50 

Venezuela 11*j 91 .... 

100 

World Bank 9V 89 


World Bank 10 9* .. 



Change on 

leaved Bid Offer day week Yield 
160 lOI*. 102*. 0 -0*, 14.27 

103*1 104*1 0 +0% 15.38 
97% 88*. +0*. -Oh 14.74 
103*. 103% 0 -0*. 15.32 
100*4 100*. 0 - 0*. 16.13 

101*! 102 +0*. -0*. 13.81 
tZ7*i 28 0 -ON 14.03 

92V 93 0 + 0*4 14.13 

104*. 104*. +0*4 -ON 14.48 
101H 102 -0*. -0*.- 14.92 
99*. lOON C -ON 14-60 
104*. 104% 0 -04 16.36 

102N 103*, -04 -0*. 15.07 
100% 100*. +0l +0*. 14.55 
101*. 101% 0 -0*. 14.79 

101 101*. 0 0 15.62 

1Q2V 103 -0*. -0*s 15.03 
102*, 102V -0*. +0*. 14.90 
100V 100V +0V — OV 14.32 
37S 37V 0 -0*. 13.68 

99V 99*. -0V -0V 14.88 
W1V 101V — OV -0V 15.12 
98V 98V — OV -0V 14.88 
29V 30V +0V -OV 13.10 
26*4 26V 0 -1 13.16 

98V 99V +0V “OV 14.23 
102*4 102V +QV *0*4 15.Z6 
99V 99V +0*. -OV 15.48 
99V 10OV -OV -0*. 14.73 
9BV 99V 0 -OV 14.39 
28V 29 +0*, -OV 13-68 
100*. 101V 0 -0*. 16.72 

100*. 100*. 0 -0*. 14.95 

102V W2V +0V +0V 14 60 
103V 104 0 0 14.30 

105 105*, -OV -OV 14.92 
9BV 99 -0*. 0 16 13 

105V 105V 0 -OV 14.80 

101V 101V 0 -OV 14.41 

103V 103V 0 -OV 14.80 
103V 103V 0 -OV 14.63 

22V 22V 0 -1 13.49 

97V 97V +0V -0‘, 14.62 
100*4 101V -OV -OV 14-96 
27*. 28V 0 -IV 13.89 

104 104V -OV -OV 14-33 
99*, 100 0 + 0V 15.79 

100*4 100*4 +QV -OV 15.91 
96V 97*. 0 +0*. 15.22 

89V 100V -OV -OV 15.24 
21V 21V -0*4 -0*4 13.96 
101 101V -OV -IV 15.64 
100V 100V +0V 0 14.59 
W1% 101V +OV 0 14.46 
98V 99*. 0 -0*, 15.72 

101V 101V -OV — OV 14.77 


75 

75 

75 

50 


60 

55 

50 

50 

75 

50 

200 

150 

80 


OTHER STRAIGHTS 
Can. Pac. S 16V 89 CS 
Crd. Foneiar 17% 89 CS 
Hudson Bay 17 89 CS... 

Montreal 17 89 CS 

Quab Hydro 16*2 89 CS 
Quebec Prov. 17 88 CS 
Simpsons 16*4 89 CS . 

U Bk Nwy 3V 90 EUA 
Amro Bank 10 87 FI ... 
Bk. Mees & H. 10 87 FI 
Eurofima IOV S3 FI 
Phil Lamp* 10V 87 FI .. 
Rabobank 12 86 FI . .. 
World Bank 10 87 FI 
OKB 14 86 FFi 
Solvay at C 14V 86 FFr 
Aeons 14 85 C ... . 
Beneficial 14V 90 E (0) 

BNP 13h 91 C 

CECA 13*« 88 E 

Fin E». Cred. 13*. 86 € 
Gen Elec Co. 12*, 89 E 
Hiram Walkar 14V 86 E 
Privatbanken 14V 88 E 

Quebec 15V 87 E 

Reed (Nd) NV 16V 89 £ 
Royal Trustee 14 86 £... 
SDR Franca 15V 92 £.. 
Swarf. Ex. Cr. 13V 86 E 
Euro lima 10V 87 LuxFr 
EIB 9V 89 LuaFr 


Issued Bid 
SO 199 
30 199V 

40 f99». 

50 *1102 
50 198*4 

50 1102V 
40 tflTV 


18 

160 

75 


89*, 

98V 

98V 


50 100V 

100 101V 

50 106*, 

150 99 


400 

200 

20 

20 

15 

20 

IS 

SO 

25 

12 


92V 

92V 

95V 

B8V 

92V 

94V 

95*, 

92*, 

97V 

9«V 


35 102 

25 102*4 


12 

30 

20 

500 

600 


97V 

99V 

97*. 

95V 

93 


Change on 

Oiler day week Yield 
99*, -OV -0*4 16.64 
100*. -OV O 17.11 
100V -OV -OV 16.98 
102*, 0 0 16.38 

98V -OV -IV 16.84 
103V -OV +0*4 16.11 
98 +0*. +0V 17.3S 
90V 0 +0V 11.47 

39V -OV -0*, 10.23 
99*. +0*. 0 10.23 
TO1V -O', -O', 10.25 
101V -OV +0*. 9.84 
107 -OV -0*. 9 89 
99V +0*, 0 10.19 

93*. +0V +0V 16.68 
83*, +0*. +0V 17.34 
96V 0 +0*, 15.46 

89*. 0 +OV 16.79 

92V 0 0 15.06 

96V -OV -OV 1*.7S 
98V 0 -OV 15.20 

93V -D», -OV 14.17 
98 -OV -OV 16-07 
95V 0 +0V 15.84 
103 O -IV 14.71 
103V 0 -OV 15.91 
98V -OV — 0*. 14.67 
100*. 0 -OV 16.50 

98V 0 -0*, 14.51 
96V 0 -OV 11-40 

84 -OV -IV 11/34 


Change on 
r day week Yield 
-OV — OV 9-28 


SWISS FRANC 
STRAIGHTS 


.-I 

r i 


Anwtt Transport 7V 92 50 

Aucalsa 7% 92 * 

Australia 6V 84 100 

Cse Nat. f'Energie 7 92 100 

CFE-Mexico 8*, 92 50 

Co-op. Denmark SV 92 .26 
Crown Zailrbch. BV 92 100 

Danmark TV 81 100 

EIB 7V 92 

Bet. da Franca 7 92 ... WO 

ENEL 8 92 f* 

Ffrst City «n. SV 92... & 

Kommunlane TV 92 

Manitoba 7 92 

Mitsui OSK BV 92 -■■■•; 
National Pwr. Co. 8 92 
Nieoon T. and T_ 6^1 92 
OKB 7V 92 

Ost.‘ Donavkrafl 7 92... 

Ost. Postspar 7V 92 ... 

Philip Morris B% 92 - 

Quebec 7V 92 

SekiSUi Pw 5»* 92 WW 
Soc. Lux. do Cm. 8V 92 
TrarTanado Pin*- 7 ^ 
Vorarlhenj Kraft 6% 92 


Change on 
Issued Bid Offer day week Yield 


35 

100 

100 

30 

WO 

100 

100 

TOO 

TOO 

100 

70 

80 

100 

50 


104 104V +OV +0V 6 88 
S8V 99V 0 0 7.88 

105V 105V +OV +1V 
102V 102V O +1 
100V 101 +°% +2V 

105V ioe» -ov +iv 7 48 

103V 103V 0 +0V 6 .28 

103V 103V -OV +JV 6.73 
+103V 104 +OV +0V 6.70 
103V 104V +OV +1V 6.44 
103V 103V + 1*« 7 - 4 5 

106V 10SV +OV +0* JS 
101V 102 -OV +0V 7.00 
106 10BV 0 +0V 6.12 
101V 102V “OV +1 6.21 

103V 104V +OV 0 7.42 

103V 104V -OV +0V 6.06 
TO*** 104V — ®V +0V 7.07 
103V 103V 0 0 6.49 

1Q3V 104V “OV +0V 6.90 
104V 104V -0*. +0V 5.99 
106 106S +0V +0V 6.4B 
t107 107V +OV +1V 4-81 
105V 106V 0 40V 7.13 
100 100*, +1V -3V 6.96 
103V 103V — OV 40V 6.26 


5.84 

6.63 

8.13 


FLOATING RATE 
NOTES 

Allied Irish 5V 92 
Bank of Montreal 5V 91 Q*, 
Bk. of Tokyo 5*4 91 |P> OV 
Bk. No vs Scotia 5V 93 0>, 

BFCE 5*4 88 OV 

BFCE 5*4 87 OV 

Caisse Nat Tele. 5V 90 OV 

CCCE 5*4 2002 0*. 

Co-San Euiofin 5V 91... OV 
Credit Agricole 5V 97. . 
Credit Lyonnais 5% -97... 
Credit Net. 5*4 94 .... 
Denmark. Kngdm. of 92 
Oen Norsks Cred. 5V 93 

Genfmance 5V 92 0*4 

Ind. Bank Japan 5V 88 OV 
Kansalhs O sake 5V 92 OV 
Lloyds Eurofin 5V 93 ... §0V 

J. P. Morgan 5*4 97 §0** 

Nat West Fin. 5V 91... 50*4 

New Zealand SV 87 OV 

Nippon Credit 5V 90 ... OV 
Nordic Int. Fin. 5V 91... 0*4 
Offshore Mining 5V 91 OV 

PKbanken 5 81 OV 

Scotland Int. 5*4 92 0*. 


OV 

0*4 

tov 


Sec Pacific 5*. 91 

Sociate Generale 5V % 
Standard Chart 5V 91 
Sumitomo Fin 5*, 38 ... 

Sweden 5*4 89 

Toronto Domin’n 5*4 92 


Spread Bid Offer C.dte C.cpn C.yld 
0*. S8V S8V 15/10 15.69 1SSS 
99 99*, 29/10 15V 15.24 

98*, 99 10/6 13*. 13.42 

99*. 99\ 29/10 15V 15.22 

99V 99 s . 28/10 15 15.09 

99V 99V 27/7 16V 16-31 

99*. 99V 21/4 15V 15.81 

98V 98 7 , 11/6 14.82 15.02 

99 9»V 14/10 IS 16.12 

99V 99V 24/9 15 44 15 53 

99*, 100 1/10 16 16.04 

98V 99V 9/6 14.69 14.87 

ov. t99V 99V 25/8 15.44 15.52 
OV 97V 96V 4/6 13.56 13.82 

99*, 100 30/6 1S>, 15.54 

98V 99V 12/11 14V 14.63 

99V 99V 8/11 15-31 15.39 

99*. 99V 29/4 17.13 17-24 

98V 99*. 12/8 14V 14.77 

99V 99V 1S/7 15.19 15.28 

99*, 100 7/10 15.58 15.80 

99*4 99*. 10/8 16.06 16.14 

98V 99V 6/11 IB*. 15.42 

98V 99V 2/6 13 13.11 

99 99*, 17/6 14V 14,48 

98V 99*. 23/9 15V 15.51 

OV 99 99*, 24/5 13V 13.35 

O*. 99*. 98V 1/9 15.31 15.41 

OV 98V 99V 18/5 13.31 13.46 

OV 99*, 100 9/8 16 16.04 

0*4 99V 99*. 26/8 15.31 16.41 

OV 99V 99V 11/8 16V 16.46 


Macy lifts 
third 
quarter 
earnings 

By Our Financial Staff 

SUCCESSFUL trading re- 
sults for their latest quarterly 
trading periods were reported 
yesterday by two well-known 
names fa the U.S. retail 
industry- 

R. H. Macy, owner of the 
famous New York store and 
also of about 90 other trad- 
ing units In 13 states, con- 
tinued to exceed Forecasts. 
pushing earnings ahead from 
$13.6m to $15.9in or 48 cents 
...a share in the third quarter, 
on sales of S684^m against 
$3 79m. 

At the nine-month stage, 
earnings of $I02.7 iu or $3.12 
a share compare with 595.9m 
or $2.96 last time — a modest 
enough increase but better 
than expected at the begin- 
ning of the year. Sales have, 
risen from S2.05bn to S2.29hn. 

In fiseal 1981, Mary’s earn- 
ings rose by nearly one fifth 
to SI 20m on sales of $2.7bn, 
but a further rise this year 
seemed nnlikely at first in 
view of the effects of the U.S. 
recession on consumer spend- 
ing. 

Dayton Hudson of Minne- 
apolis, which has nearly 900 
stores, earned SI 6.5m or 34 
rents from continuing opera- 
tions in the first quarter, com- 
pared with $13.5m or 28 cents 
a year ago. Earnings from 
discontinued operations or 
S5.3m this year and SI 3.2m 
last year made net of $21. 7m 
ibis time, compared with 
$26.8m a year ago. 

The hoard said the Target 
division of low margin stores, 
which bring in about one 
third of group earnings, 
increased profits in the 
quarter, as did Mervyn's. 
provider of about one quarter 
of the group total. 

Annual report 
of Texas Air 
heavily Qualified 

By Richard Lambert in New York 

TEXAS AIR. which owns 
Texas International Airlines, 
had its annual report heavily 
qualified because of Its sub- 
stantial investment in Conti- 
nental Airlines, another 
troubled carrier. 

Earlier this year Peat 
Marwick Mitchell, auditors, 
qualified Continental's 

accounts, noting that the air- 
line “ may be unable to 
continue In existence" as a 
result of its heavy losses. 

Arthur Andersen, another 
accounting firm, has m^de a 
similar comment about Texas 
A*r. which owns SI p«t cent 
of Continental and is seeking 
shareholder avnreval next 
month for a full tokeover. 
The fi*^i says that “ should 
Continental Airlines be nn- 
phle to continue in existence. 
Texas International A Mines 
In turn might be unable to 
continue in existence." 

Texas Air said It expected 
“to continue to experience 
significant losses over the 
near term." Last vear, the 
hold***® I’omDany reported a 
loss of 847.2m. 


U.S. results paint a grim picture 


BY RICHARD LAMB€RT IN NEW YORK 


AFTER TAX profits of U.S. 
companies declined by 17.5 per 
cem between the fourth quarter 
of 1981 and ihe first three 
months of 1982. This was the 
third largest decline on record, 
ihe Depariraent of Commerce 
said yesterday, baring been 
surpassed only in the second 
quarter of 1980 and the fourth 
quarter of 1953. 

Year on year comparisons 
look even worse. Company 
profits in the first rhree months 
of the year were 29.8 per cent 
lower after tax than in the com- 
parable period of 1981. 

Mr Malcolm Baldridge, the 
Secretary of State for Com- 
merce. said yesterday that the 
sharp fall in profits reflected a 
“ cost-price squeeze on corpora- 


tions." He added that the 
‘ dramatic drop in inflation is 
laying the groundwork for a 
sustainable business expansion 
which should be accompanied by 
a strong rebound in corporate 
profits." 

After tax profits in the latest 
period were running at a 
seasonally adjusted annual rate 
of SI 1 8.8bn compared with 
S169.2bn a year earlier and 
S144bn in the final three months 
of 1981. 

Behind the setback lay a 
steep downturn in the overall 
U.S. economy. Revised figures 
from the Commerce Department 
show That the output of goods 
and services in the U.S. con- 
tracted at a seasonally adjusted 


annual rate of 4.3 per cent after 
inflation in the first quarter of 
the. year, compared with a 
4.5 per cent decline in the pro- 
ceeding quarter. 

Earlier estimates had indi- 
cated a 3.9 per cent downturn 
in the latest period. Yesterday’s 
updated figures reflect revised 
figures for consumer spending 
and Federal Government pur- 
chases. 

The Department also pro- 
duced revised figures for infla- 
tion in the opening months of 
this year. These indicate that 
prices rose at an annual rate of 
just 3.5 per cent in the first 
quarter, down from 9.5 per cent 
in the preceding three months. 

The slowdown in inflation 


means that in real terms profits 
have not fallen quite as fast as 
the figures published by indi- 
vidual companies might indicate. 
Adjusting for inventory gains 
and capital consumption, profits 
before tax fell by 15.6 per cent 
in the quarter. Eve so. this set- 
back had only been exceeded 
once before— -during the last 
three months of 1953. 

Officials of the Department 
said last week that retail sales 
had picked up strongly in April, 
and that this should help com- 
panies' balance sheets. But 
economists in general say the 
overall economy may still be 
declining in the current quarter, 
though not at nearly the same 
pace as in the first. 


National in chips market drive 


BY LOUISE KEHOE IN SAN FRANCISCO 


FIGHTING FOR a place in the 
{ billion dollar market for high 
j performance microprocessors. 
National Semiconductor yester- 
day unveiled a new set of 
chips that represent five years 
and S35m worth of development 
for the Santa Clara-based semi- 
conductor company. 

For National Semiconductor 
the 16000 will also become its 
technology flag ship. Although 
widely recognised as a high 
volume chip manufacturer. 
National's chip designs have so 
far failed to gain the adaim 
won by its neighbours and 
rivals in Silicon Valley. 

The NS 16000 high end micro- 
processor is already acknow- 
ledged by the experts to be 
j the best of Us type. It is faster 
and more powerful than those 
sold by Intel or Motorola— the 
two major suppliers of high- 
end microprocessor chips. 

But National enmes to the 
market several years late — after 


Intel and Motorola have estab- 
lished their designs in the 
marketplace. National, however, 
is determined to make up for 
lost time. The company is 
emphasising the superior per- 
formance and new features of 
its chips by making direct com- 
parisons with competing 
devices. 

To proride extra strength for 
its marketing push with the 
1600, National has set up 
•• alternative source ” agree- 
ments with Fairchild Semi- 
conductor— now a subsidiary of 
Sehlumberger — and with Euro- 
technique — its French joint 
manufacturing venture with 
Saim Gobain. But neither is 
seen as a “ strong ” source 
within the industry- 

National has also pulled in 
several software companies to 
provide programmes that will 
enable systems companies to 
develop applications for the 
16000. Included in the roster 


are digital Research of Cali- 
fornia. a leading supplier of 
system software for micro- 
computers. 

The 16000. despite all its 
attributes, faces an uphill battle 
against Intel's 8086 family and 
Motorola's 68000. National's 
prime market for the 16000 will 
be among manufacturers of 
business and personal compu- 
ters, but many of the major 
contenders in that sphere have 
already committed themselves 
to either Intel or Motorola 
chips. IBM uses Intel’s 808S in 
its personal computer, as does 
Digital Equipment. Apple Com- 
puter is expected to opt for the 
Motorola 68000. 

In other applications, how- 
ever. such as industrial con- 
trollers. military systems and 
higher performance business 
computers. National may g?^n 
market advantage from the 
higher speed and computing 
power of its chips. 


Dover confident of record year 


BY OUR FINANCIAL STAFF 

EARNINGS MAY dip in the 
second quarter of this year at 
Dover, third largest manufac- 
turer of elevators in the U.S , 
! and a force in oilfield and 
petroleum equipment. But Mr 
Gan- Roubos. president, said in 
New York yesterday that the 
group remains confident of 
achieving record sales and earn- 
ings for the full fiscal 1982 year 
Last year brought earnings of 
$2.69 a share on sales of 
SJ.fWbn. 

The second quarter is suffer- 
ing the effpets of a change in 
the product mix and reduced 
• profit margins at some divisions, 
j he added. But sales for the 
! quarter should be slightly 
I higher than the 3478 7m of the 
: previous comparable period, 
i Earnings were S2.62 a share. 


Dover bares its confidence for 
the full year on its expectation 
of moderate economic recovery 
in the second half. Mr Roubos 
commented: “ As we indicated 
a few weeks ago. we do not 
expect performance for the 
balance of the year to match 
the strong year-to-year gains 
reported for the first quarter of 
1982.'' 

Strong sales of elevators in 
the second quarter should more 
than offset softness in petroleum 
production and marketing 
equipment and in some products 
for general industry.” 

The decline in the sales of 
sucker rods and of other 
petroleum production equip- 
ment can be attributed to the 
fall in the price of oil and to 
cash flow problems at some oil 


companies and independent pro- 
ducers. After record sales in 
December and January, sales 
dropped slightly in February 
and then fell further in March 
and April. It is believed that 
these sales have bottomed out, 
said Mr Roubos. 

Sales of oil production equip- 
ment were 36 per cent higher I 
in the first quarter and earnings | 
increased by 76 per cent. Sales | 
of these products for the second 
quarter may be 10 per cent 
down from a year ago. however. 

Elevator operations are ex- 
pected to continue to show good 
year-to-year gains for the 
balance of 1982. Bookings have 
been running higher than a year 
earlier and are expected to 
exceed the record amount of 
new orders booked last year. 


Retail dip hits 
Hudson’s Bay 

By Our Montreal Correspondent 

HUDSON’S BAY, Canada's 
largest retailer warns of a sub- 
stantially larger first quarter 
loss than last year s correspond- 
ing C$1. 5m (U.S.S1.2m) by its 
merchandising division. 

Mr Donald S. McGiverin. presi- 
dent, told the annual meeting 
in Winnipeg that retail sales 
had been flat with real volume 
down after adjustments 
Group operation earnings 
for the full year to end-January 
were C$3.7m ( excluding a 

special gain from the sale of 
Its major stake in Hudson's Bay 
Oil and Gas), against C$54.6m 

Air Canada 
again in red 

By Our Financial Staff 

AIR CANADA incurred a first 
quarter loss of C$27m 
(US$2 1. 8m) compared with a 
loss of CS3.Bm in the same 
period of 1981. 

Operating revenues rose 11 
per cent to C$534. lm but 
expenses increased 16 per cent 
Fuel costs rose 25 per cent. 

The airline said that operating 
capacity as calculated by avail- 
able ton miles increased by 5 per 
cent. 


Marsh 
sees gain 

By Our Financial Staff 

MARSH AND MCLENNAN, the 
world’s biggest insurance 
brokerage concern, expects earn- 
ings for 1982 to be higher than 
1981, said Mr John M. Regan, 
Jr. chairman. 

But he doubted whether the 
company would reach its target 
for earnings growth of 10 per 
cent above the inflation rate. 
The company’s C. T. Bowring 
unit is to sell its Bowring-plant 
engineering subsidiary and Fts 
Bowring shops retail unit, sadd 
Mr Regan. 


Avarsga pric* changes... On day 0 on week 0 


Average pricachangeS- - - On day +0*. on v«ok +0V 

Change on 

YEN STRAIGHTS fasuad Bid Offer day week Yield 

E!- ™ an aval... w 2 -£ !' ? 

lm Amsr. Dw. BV 91- 15 1®.1W« » 

Japan Airlines 7V 87... 9 97V 98V 0 -OV S.« 

New Zealand 8V 87 ... 15 100V 10JJ ° 

V/prJrf Bank SV 92 2° B,2S 

Avpaga pries chanaes... On day 0 on «*afc —OV 


CONVERTIBLE Cnv. Cnv. 

BONDS data price 

Ajinomoto 5V 96 7/81 933 

Bow Vallay >nv. 8 95 . . 4/8123.12 
Bridgestone Tira 5V 96 3/82 470 

Canon 6*4 95 1/81 829 

Daiws Secs 5V 96 .... 12/815133 

Fujitsu Fanuc 4V 96 10/81 5641 

Furukawa Elac. 5**96 . 7/81 300 
Hanson O/S Frn 9*, 96 8/81 1.36 

Hitachi Cable S>. 96 2/82 515 

Hitachi Cred. Cpn 5 96 7/81 1612 

Honda Motor 5V 97 3/82 841 

inchcape 8 95 2/81 4-56 

Kawasaki 5V 96 9/81 2ZI 

Marui 6 SO 7/81846.4 

Minolta Camera 5 96.. 10/81 826.4 

Minorco 9V 97 5/82 8.16 

Murats 5*« 96 7/81 2168 

NKK 6V 96 7/81 188 

Nippon Chemi-C. 5 91. ..10/81 919 

Nippon Electric 5V 97... 2/82 846 
Orient Finance 5*4 97 ... 3/82 1206 

Sanyo Electric S 96 10/81 65 ? 

Sumitomo Elec. 5V 97... 3/82577.3 
Sumitomo Met. 5*« 96.. .10/81 296.1 
Swiss Bk. Cpn. BV 90... 9/80 191 
Konishiraku 6 90 DM .. 2/82 5B5 
Mitsubishi H 6 89 DM 2/82 263 


Chg. 
Bid Offer day 
89% 91V +0** 
97 99 0 

89V 90V +0*4 
103 105 + 0V 
tB4 66 0 

95*4 97*. +1V 

101 102*, +1V 

187 88 0 

93% 95*. +1*. 
84V 86V 0 

91V 93 +2 
159V 60*: 0 

72V 74 +0% 
108 109V +2*, 
67*, +0*4 
87V 0 

68 % + 0 % 
84*4 +0*4 
67% 0 

99V +2V 
97*: +1% 
75% +2% 
__ . 95*. +2 
70*. 72*. +0*4 
78 80 0 

106V 107*, +1% 

94V 95V 0 


66 

186 

67V 

82% 

65% 

97% 

96 

74% 

93V 


Prom 
4.76 
49.39 
— 138 
11.27 
-3.72 
7.48 
- 2.11 
-7.42 
2.31 
4.40 

2.24 
19.77 j 

5.25 
6.99 

13.22 
14.82 I 
16.98 ' 
-10.29 ' 
9.42 i 
5.72 | 
4.34 | 
13.08 
1.7* 
24.47 
29.60 
4.90 
13.16 


o-’Hm ism for 
1°81 niitooine 
from Swiss Re 

By John Wicks in Zurich 

SWISS REINSURANCE 
(Swiss Re) expects improved 
profits for 1981. The company 
says in a letter to share- 
holders that although h has 
again experienced an under- 
writing loss on non-life rein- 
surance business, earnings 
have risen both on life 
reinsurance and from in- 
creased investment income. 

In 1980, parent-company 
profits rose from SwFr 69.9m 
to SwFr 76.2m (S38.7m), from 
which an unchanged dividend 
of SwFr 100 per share was 
paid. 

Premium Income in 1981 
is expected to have been at 
abonl 1980 levels, most 
foreign currencies having 
weakened aeainst the Swiss 
franc, fn 1980. gross premium 
income of the parent company 
amounted to SwFr 3.64hn and 
that of the Swiss Re gronp 
as a whole SwFr 8.39bn. 


* No informaripn available — previous day's price, 
t Only one market maker supplied s price. 

Straight Bonds: The yield is The yield ro redemption nf the 
mid-price: the amount issued is in millions of currency 
units except (or Yen bands where it is in billions. 
Change on week — Change over price a weak earlier. 

Floating Rate Notes: Denominated in dollars unless other- 
wise indicated. Coupon shown is minimum. C.dte “Data 
next coupon becomes effective. SpreadwMargin above 
six-month offered rale ft three-month: 5 above mean 
rate) lor U-S. dollars. C.cpn =The current coupon. 
C.yld “The current yield. 

Convertible Bonds: Denominated in dollars unless other- 
wise indicated. Chg day “Change on dey. Cnv date™ 
First data lor conversion into shares. C"«. price — 
Nominal amount at bond per share e4DressBd in 
currency of snare at conversion rate fixed at issue 
Pnm=* Percentage ommium of the current effective once 
of acquiring shares via the bond over iHb most recent 
price of The shaies. 


ft The Financial Time* Lid., 1982. Repradu-tio" m whole ; 
or m pari in any form n« permitted w.^nout j 

consent. Date supplied by DATA STREAM InMnjJfensl. j 


Svenska Varv 
to cut loss 

By Our Financial Staff 

SVENSKA VARV, the 
Swedish state-owned shipyard 
and industrial group- hopes to 
u conspicuously ** cut losses 
this year having posted a 1981 
loss before tax and accounting 
dispositions of SKr l-6bn 
($2 75m). 

The company said that 
losses last year had expanded 
from the 198A loss of 

SKr 1.46bn because of high 
interest rales and foreign 
exchange losses. However, 
operational losses before 
adjustments for interest earn- 
ings and payments narrowed 
to SKr 546m from SKr 823m. 

The group, with sales of 
SKr 7b n, has planned for 
several consecutive years of 
losses as part of a restructur- 
ing programme aimed at 
decreasing dependence on 
shipbuilding. 


This announcOTi ant appears as a matter of rac cud only 




General Agencies Corp. 

Subsidiary of 

SHOBOKSHI GROUP 


SR.175, 028, 237-50 

Syndicated Credit Facility 
For 

The Makkah-Madinah Highway Project 

Kingdom of Saudi Arabia 

Arranged by 

Hie Saudi Investment B anking Corporation 

Lead Managed by 
Albank Alsaudi Alhollandi 
The Saudi Investment Banking Corporation 


Managed by 

Amsterdam-Rotterdam Bank N.V. 

Dubai Branch. 


Standard Chartered Bank Limited 

Bahrain OBU 


Provided by 

Albank Alsaudi Alhollandi 
Amsterdam-Rotterdam Bank N1 V 

DobaJ Branch 

Standard Chartered Bank Limited 

Bahrain OBU 

Kuwait Asia Bank E. C. 

National Bank of Bahrain B.S.C. 

The Saudi Investment Banking Corporation 


National Bank of Pakistan 

Bahrain OBU 

Bank AL-Jazira 

Canadian Imperial Bank of Commerce 

Bahrain OBU 

The Gulf Bank K.S.C. 

Kuwait 



Agent Bank 

,ULi!U AjagcJI djbajikjf 

The Saudi Investment Banking Corporation 


March 3S? 



<« 


COLD STORAGE HOLDINGS PJ-C. 


Annual Report and Accounts 
for the year ended 31st January* isSZ. 


SUMMARY OF SAUEWTKMnS 

C?PTWECHAlB1VlAN.I«tSJB.PABKEB.TOMPRraEHi^ 
ATTHE AWNUALGEJUEBAL MffinNG OF TOE CO»BW»»V 
HISWGtfORECWJSimiAtOe. 


Tomm®- 1W2 S&SSSm. 

fan yaar from Foocflarf. Operate profits brio* mmttiMS «W 
txnat&mks, SSZO 3m. (prcwons yea-SSELSmJ- 
E alw ouSnaties com* be profits *t teerfifta m ** 

SSB2 liases on closure of certain acbnMS! SSTSm. Wd fflWsnQe 
a®fpiawBMiagBipg to»9 »«*! loans SSI .4 m. 

The Bad derided tfart tto OBmanrs nHoon»*«4dto*a»««- 
Iroted on devetapmwt of foo d ^ o faauro^ tfe ggm^ 
prtwiy orarostt raid related xumxs la Ausbal«a.To fapUa»tMs 
«ge are «*jtfnfcawici 9 from siwltar end peripheral aanritm — aotno 
currently incurring teats — thay absgfa tfiyiBponicmatt Inmsen d 
nmnsmt tifW and me onfikelv to roach **«H8bl* profio«my. 
Action Ins baan taken to tfnf i om of Group’s interests in Catfray 
Foods Ud, Wellington CoM Storage Lot. and Transocran Cold 
Storage Co. Lot Our 45* Joint vmnnre interest in Ktaives business 
qto sold, nebtod costs of withdrawal, including stock end debtor 
provisions substantial, and the elleet on aeenums this yea is reduction 
^pwyfjngpmiits by sSMns andean Jutdmatyaw>S$t.Im. 

DIVIDENDS 

Final dividend of 7 Sngapore carts per stock reifc payable oo 28th 
May tg82 recommended, and with interim disrdend of AS Singapore 
cents [Bid 9th December 1981, atoorts SS7J8 to. (famous year 
S$7J8raJ. 


SINGAPORE „ . . _ . 

Group turn user S$t 62.7m. tpnwus ye» SSMOSiaJ.ODBttaiuWO 
to profits SS4.7 ul {previous year SS89nU. 

Profits lower because e xpe cted return on nmufccsaring taw 3d 
provisions relaxing to decision to withdraw from waiousbuHitesse*. 
Nm offices at But it Timah she, and new bakery at Strong , core - 
pleted during year, good progress cm reconstruction and plant »fa* 
sion for Dairy and Beverage Divnion. 

-Mfe. had satisfactory year, and new supurmarfcet at Gsnu&dint 
opened January. Present indicatiom that Cerurepoint project fihely to 
tie behind current schedule by several months, ev ery eH ort is being 
mado tc i mp rove. S3* of retideiiiial units sold or con uni coed, oaf of 
corenertH raea 1 1 * so)* 75ft leased. Jewing Wb lor leasing. 


MALAYSIA 

Turnover sSlOBSm. (previous yrar S$88L6mJ profit S$7J5m.(pte- 
viousyeor SS9JmJ. 

The results ol Funs SupennaiVets Malaysia Bhd. improvedonpiwScaB 
year, but raw materials high prims had adverse effect on manufac- 
turing despite increased sales. High cost of borrowing end difficult 
market conditions.' particularly in ram areas, resulted in more com- 
petition and a reduction in mvgins of CO<d Storage (Malaysia) Bhd. 
Penang super ma rk et contributed to profits in first year. Kuan tan 
supermarket not yet profitable but expected to rmprare on com- 
pletion of in-storc bakery- Fima Supermarkets Malaysia Bhd. ex- 
panding activities of retail, pharmacies and supermarkets; new 
supermarket at Yow Gtaun Plua in Kuala Lumpur to commence 
business in current year. 

Plans submitted io Authorities by Bma Supermarkets Malaysia Bhd. 
lor redevelopment Weld Supermarket site. Two sites owned by Cold 
Storage (Malaysia) Bhd. oot considered nitabio for development by 

the Company, sold. 

AUSTRALIA 

Turnover S$4S4.4m. (previous year SS114.0 m.1 profits S$45 m. 
(previous year SS0.4 m ) resolts include ihirteen months to aliryi 
financial year with parent Company. Foodland installed refrigerated 
storey facilities as part of its expansion programme, strengthened 
market position by acquisition of liquor wholesaling business. Further 
acquisition wfll extend activities in commercial catering. 

Board app roved purchase of one third Safari Holdings Pty. Ltd., a 
com pa ny strongly matkating orientated with diversified product base 
in seafoods rehnh operates cann a r ag , frozen food companies in joint 
venture operations in ABtratia, Thariand, Philippines and Indonesia. 

OUTLOOK 

Present economic efimata not conducNe to ondoe cp ti mfem on 
trading proniects for current yean hut looking ahead to completion 
of Cfcmrqioint in 1963, and expsrskxi. modernisation programme for 
retailing, pharmaceutical raid manufacturing operations. we have 
sound base to benefit from continuing economi c de v ekyment of 
South-East Asian region. 

Changes in m an agement structure wifi faciKniie con a nwat i on on 
major activities of Group and greater emphres on properly develop- 
ments. Though decisive action foil owing recent review of operations 
raid strategies had adverse effect on results this year. I hope it dented 
the way for e mphasi s tai primary activities and near era of progreB. 


BOARD OF DIRECTORS 

Mr Vi- Dalgaard retired on 3*st January TS82 as Chief Exec uti ve. 
During his tenure the internal restructuring made good process, arid 
ha gave a refreshing stimulus to out affairs. On behalf of the Board 
and our stockholders. I wish fare rani his wile n long and happy 
retirement. 

With the a p p oi ntment of tmr new Group Chief E xecut i ve. Mr MJL 
Euswoli. and progress made with our various pr oj e c t s and restruc- 
turing of the Group, this is an appropriate time for me to retire and 
toad over the Qn'umamltip to flfr Lira Kee Mb’S. Mr limbastocea 
a director of the Company since 1972. 

I also welcome to the Board Mr. Sa Yat® whore expertise fa ftcndal 
. raid property matters will bring additional strengtfa^at a dmowheowa 
bto increasingly involved in property projects. 


A copy of rfra Caropony's Aimja/ Report aofJ-AaMB tB is moRalila 
upon request to the Secretary, Cttd Stoisgo Holdings FL. C. Pjq. 
Box538,Sins&BK,3ail m 


Gofflpaniw and Markets 


Financial Times Thursday May 20 1982 

INTERNATIONAL COMPANIES and FINANCE 


V*' 9 


Kevin Done assesses the W. German group s fortunes as GEC bid speculation grows 

AEG moves towards a critical turning point 


it 


■ 


& 


THE LONG-RUNNING saga of 
the rescue of AEG-Telefnnken, 
West Germany's financially 
stricken electrical and elec- 
tronics group, is entering 
a decisive phase, with 
speculation growing that GEC 
of the UK Ls standing in the 
wings preparing - to take a sub- 
stantial minority stake in part 
of AEG’s capital goods opera- 
tions, which in total represent 
about two-thirds of group turn- 
over. 

Since the late 1970s. AEG 
has repeatedly threatened to 
become the biggest corporate 
failure to be suffered by Ger- 
man industry in the post-war 
period. From the end of 1979, 
it has remained in business only 
through the good grace of its 
, bankers, who have been left 
uneasilv holding SO per cent of 
the .AEG equity. 

The bankers are due to meet 
again on June 14 for a climatic 
meeting in Frankfurt — eight 
days before the company's 
annual meeting in Berlin — to 


dedde what further financial 
sacrifices they are willing to 
make if they are to continue 
on the painful course they chose 
at the end of 1979: namely a 
private enterprise rescue that 
would eschew all temptations 
.to call on the state for aid. 

Herr Hein Durr. AEG chief 
executive, admitted recently 
that the company's performance 
since the banks stepped in at 
the beginning of 1980 had been 
a ** big disappointment.” New 
skeletons have been discovered 
in the AEG cupboard at an 
alarming rate for the banks, and 
the costs of the rescue opera- 
tion have risen inexorably as 
the list of measures has 
lengthened. 

• Existing shareholders — 
already without a dividend 
since 1973 — suffered the expen- 
sive indignity of having their 
equity written down to a third 
of its earlier worth at the end 
of 1979. 

• A EC's 24-member banking 
consortium — 23 West German 


institutions and one Swiss bank 
— pumped in DM 930m 
($40l.7m) in new equity to save 
the concern from immediate 
financial collapse. The new 
shares subscribed at a price of 
DM 150 per share have recently 
been trading at a low of 37. 

• Insurance companies and 
major West German industrial 
groups rallied round as part of 
the rescue package subscribing 
to unsecured bonds worth a 
further DM 450m. 

• Around DM 2bn of AEG’s 
long-term borrowings were re- 
scheduled, repayments were 
waived on these credits for 
three years and for 1980 and 
1981, AEG was granted interest 
rates on these credits at 2 per 
cent below market rates. 

All these measures w’ere in- 
sufficient to block the gaping 
holes in AEG's finances, how- 
ever. or to make good the gross 
deficiencies in the structure of 
its balance sheet which had 
left it dangerously dependent 
on debt financing. Equity 


accounts for only 9 per cent of 
total liabilities. 

Speculation has been rife for 
several months that top level 
contacts between Dtirr and 
Lord Weinstock, the GEC chair- 
man. could lead to some form of 
equity involvement in AEG by 
the British electrical group, 
which is under-represented hi 
continental Europe, particu- 
larly in West Germany. 

What form this engagement 
could take is not yet clear, but 
it appears that GEC is moving 
towards taking a substantial 
minority " stake — perhaps as 
much as 49 per cent— in the 
core of AEG’s electrical en- 
gineering activities, many of 
which are still in good shape. 
AEG's central problems stem 
from consumer goods which 
alone are expected to accumu- 
late operating losses of up to 
DM 250ro this year, although 
the yaceount for only a third of 
AEG : s worldwide turnover of 
DM 15.4b n. 

The other two-thirds of AEG 
sales is contributed by capital 


Political problems that GEC must overcome 


BY JASON CRISP 


GEC DIRECTORS are now 
considering a number of 
options to bay substantial 
parts of AEG-Telefunken, 
the troubled German elec- 
tricals company. 

GEC’s prime interest is 
thought to he in the power 
generation and Industrial 
systems side hut it is also 
believed to be looking at a 
number of other areas includ- 
ing telecommunications and 
electronic components. The 
negoiations have been intensi- 
fied by the German banks 


concern over the latest call by 
AEG-Telefunken for yet more 
assistance. 

It is likely to he several 
weeks before GEC can agree 
what parts, if any, of AEG 
it wiU acquire. The deal 
would offer a number of ad- 
vantages to GEC. 

The two companies* product 
ranges are also broadly corn- 
complementary. GEC would 
benefit from AEG-Telefun- 
keu’s market strengths in 
West Germany, Continental 
Europe and Latin America. 


Any deal is fraught with 
political problems. GEC— 
which is refusing to . discuss 
the issue — is unlikely to want 
to take on parts of AEG 
without full management 
control which may not be 
acceptable to Germany, 
especially beeanse of defence 
contracts. 

The consortium of 24 banks 
which is supporting AEG 
may be so concerned at the 
company’s plight that political 
considerations will be over- 


come. But there fs also 
thought to be some resistance 
within GEC to taking over a 
troubled company. 

GEC has concentrated in 
recent years on acquiring 
companies in North America. 
It is believed to have come 
close to seyeral purchases in 
the past year, and is thought 
to be interested in buying a 
telecommunications company 
there to give it a (stronger) 
position in world markets. 


goods, including the office in- 
formation equipment matifac- 
turer, Olympia, and this 'domi- 
nant portion of .AEG business 
is forecast by Durr to break 
back .into profit this year. 

The AEG chairman no longer 
makes a secret of the fact that 
the real millstone around the 
company*® neck is Teiefunkeh, 
the consumer electronics sub- 
sidiary. “There is no way we 
can survive, in brown goods 
/consumer electronics) in the 
medium-term with our volumes 
of production,” said Herr Durr, 
suggesting that the AEG board 
is. seeking either co-operation 
with another consumer elec- 
tronics group or an outright 
disposal. ' 

AEG has already stitched to- 
gether one deal for Telefunken 
to manufacture 300.000 video 
recorders a year tn co-operation 
with JVC of Japan and Thorn- 
EMT of the UK. In household 
appliances, Durr is confident 
that AEG can restore its opera- 
tions to financial health through 
drastic re-structuring without 
outside help: 

On the capital goods side, one 
model for future co-operation 
with GEC is already available 
in the shape of the telecom- 
munications joint venture AEG 
put together last year with the 
Robert Bosch group and Man- 
nesmann. AEG’s telecommuni- 
cations division was established 
as an independent corporate 
entity with AEG retaining only 
51 per cent, the whole deal 
with other measures raising 
around DM 400m to help AEG’s 
stretched finances. 

AEG's Industrial systems divi- 
sion, which now appears finally 
to have caught GEC's eye had 
sales last year of DM 5.88bn. At 
the same time, new orders rose 
by 22 per cent to DM 6.4bn 
helped by the DM 700m. order 


SALES BY DIVISION 


CAPITAL GOODS 
Industrial 
systems 

Communications 
systems 
Standard 
products 
Olympia (office 

machines) 

Total 


1981 % Chang* 
DM m on year 

sjun 

+9 \ 

343 

■ +21^ 

1,850 

-10 •' 

t,I2T 

+15/- 

9,695 



CONSUMER GOODS 


Household 



appliances 

3,103 

-i • 

Consumer 



electronics 

1,714 

316 

-6 

Total 

5.133 

-3. , 

Domestic 

8,483 



Foreign 

6.354 

1 +8" 

Total sales 

14,837 

+3 


r ? 

f):r n 


from the USSR for gas turbines . 
for the West Siberian natural ■ 
gas pipeline to West Europe. 

In the first quarter, of this 
year, this division's sales rose by 
17 per cent and its performance 
has easily outstripped, the 
average of the German electrical 
sector. It has a workforce of 
47,580. -of which 41,320 were entf 
ployed in Germany. 

Activities centre on radio antt 
radar systems, power distribu- 
tion, railway and road traffic 
systems, turbine systems, motors" 
and generators, Industrial and 
marine, systems and contractor- 
equipment. 

Several of these areas involve 
sensitive defence contract* for 
the West German armed forces. . 
a factor which would make it 
unlikely that GEC would be 
allowed to take a controlling 
interest 


t 1 


West LB unlikely to pay dividend this year 


BY STEWART FLEMING IN FRANKFURT 


Krupp Stahl makes good 
start with sales ahead 


WESTDEUTSCHE Landesbank. 
(West; LB) the third largest 
German banking institution, is 
not expecting to pay a dividend 
for 1982, despite expectations 
of improved profits in the cur- 
rent year as a result of falling 
interest rates. Instead, the im- 
proved earnings will be used to 
strengthen the bank internally, 
according to Herr Friedel 
Neuber, chief executive. 

Last year. West LB was one 


of the big banks hardest hit by 
the unexpected surge in German 
interest rates. It was forced by 
plunging profits to dig deep into 
hidden reserves, selling share- 
holdings estimated to have a 
worth of over DMfiOOm. in order 
to avoid reporting substantial 
losses. 

The bank’s operating earnings 
last year including the profit- 
able building society division, 
fell from DM 265m to DM 195m 


(584.2m). After drawing on 
hidden reserves, however, after 
tax profits were DM 45m. the 
same as in 1930. Group net pro- 
fit including operations not 
accounted for in the parent com- 
pany results rose from DM 61m 
in 1930 to DM 71m last year. 

The biggest problem for the 
bank !□ 1981 was the mismatch- 
ing of its funding against its 
loans. The bank ended the year 
with around DM 8b n of longer 


term loans financed with more 
expensive short term funds. 
Tbis was about DM 4bn less 
than at the end of 1980. 
Depending on the method of cal- 
culation, the irasmatching led 
to losses of between DM 350m 
and DM 500m. 

The bank has taken steps to 
strengthen Its equity base for 
future growth. Last year 
DM 200m of new equity was I 
pumped into the bank. 


BY JAMES BUCHAN IN BOCHUM 


Thomson-Brandt buys German hi-fi maker 


THE FUSION of Krupp Stahl 
and Hoesch Werke into the new 
West German steel giant. 
Ruhrstahl, will be completed 
before the end of this year, 
according to Herr AKons 
Goedde. chief executive of 
Krupp StahL 

Hoesch Werke is now 
attempting to disentangle itself 
from Estel, the transnational 
steel company it formed in 1972 
with Hoogovens of the Nether- 
lands. 


BY DAVID WHITE IN PARIS 


YONTOBEL EUROBOND INDICES 



PRICE INDEX 

18.5.82 

145.76 
11 5.82 

= 100% 

AVERAGE YIELD 

1B.5.82 

11.5.82 

DM Bonds 

96.51 

96.86 

DM Bonds 

8.997 

8.927 

HFL Bonds & Notes 

99.94 

100.24 

HFL Bonds ft Notes 

9.956 

9.923 

U.S. S Sin. Bonds 

90.69 

90.68 

U.S. S Sirt. Bonds 

13 890 

13.877 

Can. Dollar Bonds 

91.90 

91.76 

Can. Dollar Bonds 

15.353 

15.285 


FRANCE'S recently nationalised 
Thomson-Brandt group has 
confirmed its new strategy of 
concentrating on mass-market 
electronic products by 
announcing plans to take over 
Dual, the bankrupt West Ger- 
man hi-fi producer. 

Under an agreement reached 
with Dual's receivers, the 
French group is to invest 
DM 30m ($13rai in the com- 
pany over the next three years. 

It plans to keep on 640 of 


Dual’s 2,000 employees and to 
run its factory' at St Georgen 
in the Black Forest on a leasing 
basis. Thomson did not dis- 
close how much it had agreed 
to pay to lake over the Dual 
trademark and the company's 
slocks of raw materials and 
finished products. 

The privately-owned West 
German company, weil-known 
for its record turntables, filed 
for bankruptcy late last year 
after collapsing under the 


pressure of Japanese competi- 
tion. It had 1981 sales of 
DM 232m. a third in exports. 

The agreement, which is still 
subject to approval by the 
French and West German 
authorities, is aimed at build- 
ing up Thomson's share of the 
European hi-fi sector. 

Thomson is setting up two 
fully-owned West German 
companies, one for manufactur- 
ing and one for marketing, to 
run the venture. 


The reorientation of Thom- 
son’s policy was already 
illustrated by its decision to 
halt development of videodiscs 
for professional use. under- 
taken by its subsidiary 
Thomson-CSF, and to concen- 
trate instead on mass-market 
videodiscs at its consumer 
products division. 

At the same time, Thomson- 
Brandt is currently studying 
the possibility of making its 
own video tape recorders. 


After its worst year ever in 
1981. Krupp Stahl reported 
sharply, improved figures for 
the first three and four months 
of the current year. In the first 
four months, sales climbed 5 
per cent to DM 2.1bo (S907.1m) 
and the first quarter showed a 
" two-figure million profit” 

The improved performance, 
despite a 4 per cent fall in 
crude steel production, was 
attributable to the European 
Community steel price rises. 
Overall, Herr Goedde expects a 
positive result for 1982 against 
a net loss of DM 112m in 1981. 
This loss that would have stood 


at DM 385m but for extra- 
ordinary ' earnings, including 
the sale of property. 

Herr Goedde also disclosed 
that Ruhrstahl would be cut- 
ting the partners’ crude steel 
capacity by 20 per cent Since 
the start of the steel crisis in 
1975, Krupp Stahl alone has 
made fixed investments for re- 
structuring purposes of DM 2hn. 
and cut its workforce by 7.SOO 
with a further 1,000 to go in 
the course of this year. 

But to get Ruhrstahl off the 
ground. Herr Goedde would be 
demanding . investment help 
from federal and regional 
governments “ several times 
greater V than the DM 600m 
first proposed. 

Estel. meanwhile, reported a 
pre-tax loss of FI 6.1m (S2.3fim) 
in the first quarter of this year 
compared with a loss of 
FI 243.7m. 

Hoesch had a pre-tax profit 
of FI 27m while Hoogovens, 
lost FI 33m. This follows a loss 
of FI 698m for 1981. a figure 
that was heavily weighted by 
reorganisation costs. 


BOARD OF DIRECTORS 


Ian S. Steers 
Wood Gundy Limited 
Chairman 


Jean Ada nt 

Societe Generals de Banque 

A. Bruce Erackenridge 
Morgan Guaranty Trust Company 

Dr. Rolf-Emst Breuer 
Deutsche Bank A. G. 

Corneille Bruck 

Caisse d'Epargne de PEtat 

Luxembourg 



Heinz Gtsiger 
Swiss Credit Bank 


Euro -clear 


Kanji Goto 

Bank of Tokyo Limited 


Clearance System Public Limited Company 


Rolf A. Hall berg 
Skandinaviska EnskildaBankan 


Hansgeorg B. Hofmann 
Merrill Lynch International 


1981 HIGHLIGHTS 


Dr.LLammers 

Amsterdam-Rotterdam BankNV. 


Bernard Lorain 
Socielfr Generals 


Robert Strobe! 

Credit Suisse First Boston 


^Turnover up 59 per cent to record $242 billion. 
Value of securities in the system up 42 percent to 
$58 billion at year-end, and now standing at over 
$70 billion. 


Dr. Georges A. Streichenberg 
Swiss Bank Corporation 

Jean-Francois Vidoudez 
Pictet & Cie 


* Bridge fee io Cedel cut twice, saving members 
over$1 million a year 


Mohamed S. Younes 
Kidder, Peabody International 


*85 percent of all instructions received during 
theyearin computerised form, reflecting 
considerable expansion of EUCUD time-sharing 
system which now has over 230 active users. 


4= New link with SWIFTnetwork allows transmission 
of payment instructions for Euro-dear participants 
■also members of SWIFT. 


GROWTH OVER SEVEN YEARS 

Fiscal yearended 30th November 1975 


1975 1975 1977 1978 1979 I960 1981 


NumberofParticjpanfs 
Numberof Issues accepledln the System 
Vaiueof Securities in System (US$ Billion) 
Participants' turnover (USS Billion) 
Average numberof daily settlements 
Total numberof bond loans 


566 653 770 

2,570 3,244 3.969 
4.9 S A 15.6 
143 37.0 64.1 

1,969 3,164 4,185 

NA 801 4.149 


856 974 

4,747 5.450 
21.4 29.4 

78.1 89.1 

5,153 5,324 

14*359 31,280 


1,056 1,162 
5,738 6.463 

40.7 sao 
152.4 24Z0 

6315 7,052 
51.35S 58,791 


Steel lay-offs accepted 


BY RUPERT CORNWELL IN ROME 


ITALY’S engineering unions 
have accepted the long term lay- 
off of 2.100 workers at Teksid. 
the special steels subsidiary of 
the Fiat motor group, as part 
of the major rationalisation 
now under way in ihe industry.- 

The unions' decision in effect 
removes ihe last major obstacle 
to final agreement for the 
transfer of mueh of Teksid's 
business to Finsider, the steel 
subsidiary of the publicly- 
owned IR1 conglomerate. 

The workers, out of a total 
of mure than 30.000 employed 


by the loss making Teksid. will 
be placed on state subsidised 
lay-off for three years. It is 
hoped that aid From the Euro- 
pean Coal and Steel Community 
will help provide long term 
alternative employment for 
about 500 of them. 

Last year. Teksid reported a 
loss oC L78bn lS62m), up from 
L43bn in 1980. while Finsider's 
deficit reached a record 
L2,130bn. Both, however, are 
confident of a significant 
improvement in 1982. 


U5.SI5, 000,000 

THE FUjIKURA CABLE WORKS, LTD. 
{Fujikura Dcnsen Kabushiki Kaisha) 
(Incorporated with limited liability in Japan) 
GUARANTEED FLOATING RATE NOTES DUE 1987 


FIWCC. 


unconditionally and irrevocably guaranteed as to payment of 
principal and interest by 

THE MITSUI BANK, LIMITED 

(Kabushiki Kaisha Mitsui Gin ko) 

(Incorporated with limited liability in Japan) 
in accordance with the provisions of the Notes and Agent Bank 
Agreement between The Fujikura Cable Works. Ltd., The Mitsui 
Bank, Limited and Citibank. N.A., dated May 7. 1980. notice is 
hereby given that the Rate of Interest has been fixed at P-3. 

and that the interest payable on the relevant Interest Payment 
Date, November 22, 1982, for the period May 20. 1982 to 
November 20. 1932. against Coupon No. 6 in respect of U5.S5.000 
nominal amount of the Notes will be U.S.S3B4.93. 


May 20. 1982 

By: Citibank, N.A„ London. Agent Bank 


OTIBANfO 





Weekly net asset value 


Spot and forward foreign exchange 
Currency loans and deposits 
CD's, FRQD's, SDR's and ECU's 
Floating rate notes. Bonds and Long-term loans 


01-4818353 


! Tokyo Pacific Holdings (Seaboard) N.V. 

? on May 17th 1982, $U.S.62.59 
Listed on the Amsterdam Stock Exchange 


GodseU and Company Untiled, 

Marion House, 71-74 Made Lane, London EGM4AQ 
Telephone 01-451 8353. ia«.S891S0 


^an«ln rfll»Ew , W m i» liiBJ Baiy 


Information: Pierson, HeJdrmg & Pierson NY, 

HerengracM 214,1016 BS Amsterdam, 













Financial Times Thursday May 20 1982 

INTERNATIONAL COMPANIES and FINANCE 


& 


Slow housing construction 
hits Sekisui Chemical 


BY YOWO SHKATA M TOKYO 

SEKISUI CHfeaiTPAj, Japan’s i 
top processor of synthetic resins - 
incurred a sharp setback in j 
earnings in the fiscal year ended ! 
March 31, reflecting stow re- i 
covery of market paces of ■, 
chemical products due to tbe i 
sluggishness £n housing con- 1 
structioh. • 

Setesufs operating profits ] 
feU by 58.7 per cent to Y3.06bn : 
(5l2L9m). Pull year net profits 
were YL75ba, down by 51.6 per i 
cent, on sales of Y297^8bn t ! 
down by 1.5 per cent over the i 
. previous year. Per share profits 
were Y6.09. compared with i 
Y13.94 in the previous year. \ 
The company cut hs dividends j 
by Y2.5 to pay Y5 a share per ' 
annum. I 

Of total turnover, sales of t 
PVC pipes accounted for 18 per s 


ce °t (up 2.7 per cent), bousing 
materials 10. 1 per cent (down 
9 per cent), industrial materials 
8-9 per cent (up 4.9 per cent), 
packaging materials and 
adhesive tapes 12.5 per cent 
(down 3.3 per cent) chemical 
products 1242 per cent (down 
2 per cent), and prefabricated 
houses 37.1 per cent (down 
2 J9 per cent). 

Despite favourable sales of 
prefabricated houses, poor land 
sales dragged down earnings in 
this division. 

C Lining prices of PVC pipes 
and packaging materials in order 
to trim inventories hurt profit- 
ability of chemical products. 
The company's failure to raise 
prices of chemical products, due 
to the incursion of low-priced 
synthetic resin from the D5. 


and Canada helped by the yen’s 
appreciation against the U.S. 
dollar until Che end of last 
December) resulted in deteriora- 
tion of profitiabi&y in chemncai 
products. 

Production of PVC pipes ran 
40 per cent below a year 
earlier. This increased the 
burden of fixed cost. 

In the current fiscal year 
ending next March, the company 
expects earnings level to recover 
to those of fiscal 1980 (ended 
March 1981). 

Full year operating profits are 
expected to reach Y7bn, an 
increase of 129 per cent over the 
year just ended. Net profits are 
projected at Y22bn for a gain 
of 26 per cent, on sales of 
Y325bn. up 9 per cent on 1981-82 
returns. 


Van Der Horst 
expands by 
U.S. takeover 

By Georgie Lee in Singapore 

VAN DER HOKST, tfie Singa- 
pore-based engineering group, 
has acquired Rag Supply Inc. for 
$1.7m in cash. 

Rig Supply, based in Texas, 
is primarily engaged in. develop- 
ing and manufacturing drilling 
and pipe handling tools used on 
gas, oil and water wells. Its pre- 
tax profit for 1980-SI was 8320,000. 
. The acquisition wifi be 
financed from Van Der Horst’s 
internal resources and the 
shares wifi be held through its 
wholly-owned UjS. subsidiary. 

Van Der Horst said that the 
acquisition represents an im- 
portant expansion of its manu- 
facturing services -to the oilfield 
industry. It will provide access 
to higher technology and to U.S. 
drilling and oil field markets. 


ACI profit advance falls 
short of mid-term hopes 


BY OUR FINANCIAL STAFF 

AUSTRALIAN Consolidated 
Industries, the major diversi- 
fied industrial group, has 
reported a 42 per cent rise in 
net profits to A$63.74m 
( US$68 m) for the year ended 
March. 

The glass, packaging and 
plastics group recorded a 64 per 
cent increase in turnover to 
A$1.64bn. ACTs growth slowed, 
however, in the second half 
after reporting a doubling of 
interim net profits to AS36.02m. 
This suggested that full-year 
profits of AS75m were possible. 

The company has declared: an 
unchanged final dividend of 7.5 
cents a share. It paid an un- 
changed interim dividend, also 
of 7.5 cents a share. 

ACFs full-year net earnings 
were sharply hit by an increase 


in the tax bill to A$58.79m 
from A$I9.97m a year earlier, 
higher depreciation (A$65.92m 
against A$44.05m). interest 
charges of $A37.78m against 
A$23-2lm) and minority in- 
terests of AS19.39m against 
A$ 12.06m. 

ACTs profit growth was 
restrained in the second half 
of the year by difficult trading 
conditions and higher wages 
and finance costs. The 
increased interest payments 
related to the funding of some 
non-resource acquisitions and 
higher interest rates. 

The year - end results 
benefited from the first time 
indusiq* a i Acini], the build- 
ing and industrial supply group 
it acquired for A$240m in 1981. 

But ft* group suffered from , 
a loss on its U.S. operations. 1 


7bis announcement appears orify as a matter of record 


A wholly-owned subsidiary of 

Aklivbanken A/S 

Denmark 

has acquired 


United States 


acted as financial advisor to AktiubankenA/S. 
Oapoi^HflaiKeDepailmEiit 


f UNION A 

IbankV 

AMcmber of the Standard Chartered Bank Group 


Japan to 
restart zero 
coupon bond 
trade soon 

• By Richard <1 Hanson in Tokyo 

SALES OF heavily discounted 
zero coupon Eurobonds to 
Japanese investors are 
expected to restart in the near 
future. Securities houses, 
however, have accepted a 
number of official “ sug- 
gestions ” aimed at avoiding 
past excesses. Japan’s share 
in any new issue will likely be 
limited to one-third of the 
total. 

The Finance Ministry called 
a halt to sales of zero coupons 
in March. At the time, the 
authorities were alarmed at 
the size of a sudden outflow ” 
of capital into the zero 
coupons (about 5800 m in 
February alone). ■ This drain 
came as the yen was weaken- 
ing on international exchange 
markets. 

The Ministry was also up- 
set by the sometimes blatant 
offering of zero coupons as a 
tax haven for rich Japanese 
investors. This was done in 
some cases, without dearly 
informing investors of the 
risks, and other demerits, 
involved. 

Since then, the Ministry has 
revealed plans to dose the tax 
loopholes by imposing a 
capita! gains tax on zero 
coupon bonds, and requiring 
securities houses to notify tax 
authorities of individual 
redemptions. 

Securities houses this week 
agreed to avoid selling zero 
coupon bonds too close to (he 
payment date of a new Issue. 
This will eliminate what in 
effect had been subscriptions 
to new issues by Japanese 
investors, without a required 
application to the Ministry. 

In addition, tbe securities 
bouses will avoid “aggressive" 
sales, and provide investors 
with information detailing the 
risks involved. 


Samurai bond 
issue pace 
to be increased 

By Our Tokyo Correspondent 

THE SAMURAI bond market 
for foreign yen-denominated 
bonds issued In Japan, will be 
allowed to expand to a 
monthly pace of Y75bn 
$316m) of new public issues 
from July. This compares 
with a monthly rate of Y55bn 
for May and June. 

Tbe loosening of the 
market is aimed at least 
partly at meeting increasing 
foreign pressure for greater 
access to yen borrowing. 

Underwriters say that 
around 30 or more potential 
borrowers are now in the 
quene for yen issues. In addi- 
tion, tbe authorities now 
appear more relaxed about 
the prospects for the yen. 

Long-term yen borrowing 
has become extremely attrac- 
tive, compared with dollar 
bonds. The latest samurai 
issue by the EEC carried a 
coupon of 3 per cent 
In July, there will be four 
public issues (compared with 
three this month and next). 
These are a Y20bn issue by 
Procter and Gamble, Y20bn 
by Venezuela. 15hn by Mani- 
toba and Y20bn by Finland. 
Tbe latter squeezed in after 
plans to expand the market 
were confirmed. 

• The Japanese Government 
will have to issue large 
amounts of additional national 
bonds in fiscal 1982, which 
started April, to cover short- 
falls in national tax Income, 
according to tbe Underwriters 
Association. Reuter reports 
from Tokyo. 


This advertisement conqtlies with the requirements of the Council of The Stock Exchange. 

U.S. $125,000,000 
Superior Overseas Finance N.Y. 

(Incorporated with limited liability at the Netherlands Antilles) 

14% Guaranteed Notes Due 1989 

Unconditionally guaranteed as to payment of 
principal, premium, if any. and interest by 

The Superior Oil Company 

(Incorporated in Nevada) 


Basque National© de Paris 


Credit Suisse Fust Boston limited 

Banqne de Paris et des Pays-Bas 
kaft Morgan Guaranty Ltd 

Salomon Brothers international 


Morgan Stanley Infemational Salomon Brothers International 

gross Bank Coi^or^Qn Brternational Union Bank of Syifagfand (Securities) 

S- G. Warburg &*Ql Ltd. Wood Gnndy Limited 

The issue mice of the Notes is 100 per cent The Notes have been adntftted to the Ofifcial list by the Council of 
™ ScExchange, subject only to the issue of the temporary global Note. 

Interest is payable annually in arrears on 1st June, the first payment being made on 1st June, 1983. 

_ n _ wrt ,v II tj, r c reiatineto the Notes, Superior Overseas Finance N.V. and The Superior 02 Companv are available 
™ efiSelStatistS? lervice and may be obtained during usual business hours up to and including 3rd June, 1982 

from the brokers to the issue: Cazenove & Co., 

12 Tokenbonse Yard, 

London EC2R.7AN ..... 

20thMay,1982 


Sharp lift in interest 
charges depresses 
earnings at Fedfood 

BY THOMAS SPARKS M JOHANNESBURG 


UK ECONOMIC INDICATORS 

ROflNnMrr ACTIVITY-— Indices of industrial production, maun- 

SfU? 1 !K»=HS: 


registered unemployment (excluding school leavers), and 
unfilled vacancies (000s). Ad seasonally adjusted. 


DOUBLED interest charges, 
teething troubles with new sub- 
sidiaries and problems with a 
Chilean fishing subsidiary com- 
bined to reduce pre-tax profits 
of Fedfood. the diversified 
South African food group. 

Income — before tax and 
interest — rose by 9.1 per cent 
to R3B.3ncn ($36. 6m) in the year 
ended March 31: in 1980-SI the 
profit was R36m. But tbe 
interest bill rose to R10.9m 
from R542m which lowered pre- 
tax profits to R28.4ra from 
R30.Sm. Even at the pre- 
interest level, the percentage 
increase in profits was lower 
than that recorded by most 
competing groups. 

Turnover rose by 24.1 per 
cent, to R551m from R444m. 

New investment and capital 
extensions, the directors say. 
made only a small contribution 


to group profits because of high 
finance costs and initial low 
returns. There has been a 
major extension of the group's 
frozen food production facili- 
ties and additional distribution 
operations have been acquired. 

In Chile, the partner in a 
fishing venture is in financial 
difficulties and Fedfood is 
having to monitor carefully its 
investment in the country. The 
directors say, however, that the 
investment is not material. 

A note of optimism is struck 
by the directors' statement that 
as yet. no noticeable decreases 
have been discerned in the 
sectors in which Fedfood 
operates. 

Meanwhile, the total dividend 
has been increased to 36 cents 
a share from 34 cents. Earnings 
rose to 82.9 cents from 78-1 
cents a share. 



Indl. 

Mfg- 

Eng. 


prod. 

output 

order 

1981 

1st qtr. 

99.6 

884* 

98 

2nd qtr. 

99.0 

884) 

92 

3rd qtr. 

994) 

89-S 

104 

4th qtr. 

1004 

89-9 

88 

Sept 

1003 

90-4 

87 

Oct 

101.6 

91-5 

94 

Nov 

100-1 

90.0 

92 

Dec 

994 

884 

70 

1982 

Istqtr. 

99-7 . 

89-4 


Jan 

99J2 

SS.3 

96 

Feb 

99.7 

89.8 


March 

100-2 

90-2 


April 


106.6 1303 2J82 


1st*?. 99-7. 89.4 MU }£§ f-f}* 

Jan 992 8SJ 96 107.0 1«| “f 

Pah qq 7 go 51 106.1 137.6 2,816 113 

gf “ - SB 1413 SS Hi 


OUTPUT— By market sector: consumer goods, investment goods, 
intermediate goods (materials and fuels); L, e 5S inee ^q- U Tmv 
metal manufacture, textiles, leather and dotfzrag (1975—100), 
housing starts (000s. monthly average). 

Consumer Invst Intmd. Eng. Metal Textile Housg. 

goods goods goods output mnfg. etc. starts* 


1981 
Istqtr. 
2nd qtr. 
3rd qtr. 
4th qtr. 
Sept 
Oct 
Nov 
Dec 

1982 
1st qtr. 
Jan 
Feb 
March 


883 117.2 

88.7 118.0 

89.3 118.7 

90.0 1213 

90.0 120.0 

90.0 124.0 

90.0 121.0 

90.0 H9-0 

91.3 119.4 

91j0 119.0 

9L0 1194) 

92.0 120.0 


Strong growth shown by 
Imperial Cold Storage 


EXTERNAL TRADE — Indices of export and import volume 
(1975=100): visible balance: current balance ffm); oil balance 
(£m); terms of trade (1975=100): exchange reserves. 

Export Import Visible Current Ofl Terras Resv. 
volume volume balance balance balance trade USSbn* 


BY OUR JOHANNESBURG CORRESPONDENT 


AN INCREASE of 27.6 per cent 
in pre-tax profits Is registered 
by Imperial Cold Storage (ICS) 
the South African holding com- 
pany with interest in red meat 
distribution, poultry, dairy pro- 
ducts, fish and frozen vegetables. 
The profit was R32.2m (S30m) 
for tiie year ended February, 
compared with R25_2m pre- 
viously. Turnover rose to R948m 
from R7B6m. 

A total dividend of 20 cents 
a share, against 28 cents previ- 
ously, has been declared from 
earnings of 64.8 cents a share, 
against 50.2 cents. 

The company is having to set 


aside large amounts of cash for 
capital projects and increased 
working capital For this reason 
the rate of increase in dividends 
has been kept below that of 
earnings. ICS is spending 
heavily on farming operations 
Barlow Rand is acquiring con- 
trol of ICS and will hold tbe 
shares through its subsidiary 
C. G. Smith. Already 27 per cent 
of tbe ICS equity has been 
acquired from the Old Mutual 
insurance company and a fur- 
ther 20 per cent will be acquired 
on completion of the merger of 
C. G. Smith’s sugar interests 
with the food group Tiger Oats. 


1980 
4th qtr. 

1981 
2nd qtr. 
4th qtr. 
Feb 
March 
April 
Sept 
Oct 
Nov 
Dec 

1982 
Jan 
Feb 
March 
April 


12641 11L4 +1*265 + 2414 +222 105.2 274)0 

26.73 

132.4 126.4 +552 +1470 +698 W-S 2335 

1184) 1073 +334 +767 +230 1054 28.43 

1024) 28-21 

104.7 28.07 

129.8 139 2 + 58 +191 +291 9945 23.70 

132.4 1222 +296 +602 + 74 982 2322 

134.4 136.3 - 79 +227 +205 100.1 23.46 

130.6 120.6 + 335 + 641 +419 100.4 2345 

1194 123.4 -132 +348 +168 1013 2223 

125.4 120.6 +174 + 654 +270 100.6 23.37 


BUILDING SOCIETY RATES 

Every Saturday the Financial Times publishes a table 
giving details of Building Society Rates on offer to 
tbe public. 

For further advertising details please ring 
01-248 8000 Extn. 3606 


rvpi i t 

Trade figures for March-August 1981 not available because of 
Civil Service dispute. 


FINANCIAL— Money supply Ml and sterling M3, bank advances 
in sterling to the private sector (three months’ growth at annual 
rate); domestic credit expansion (£m); banding societies’ net 
inflow; HP, new credit; all seasonally adjusted. Minimum 
lending rate (end period). 

Bank 


BANCO PINTO & 
(Mm SOTTO MAYOR 
^^^•$30,000,000 

Floating Rate Notes Due 1985 

In accordance with the provisions of the above Notes, 
notice is hereby given that the rate of interest for the 
Interest Period from May IS, 1982 to November 18. 1982 
has been established at 15% per annum. Interest due 
at the end of the interest Period of US$383.33 will be 
available upon surrender to any of the Paying Agents of 
Coupon No. 5. 

Agent: 

American Express 
International Banking Corporation 



Ml 

M3 

advances DCE 

BS 

HP 

MLR 


% 

% 

% 

£m 

inflow lending 

% 

1981 








1st qtr. 

6-8 

8.8 

12.4 

+ 1.308 

1,081 

1,884 

12 

2nd qtr. 

23.1 

174 

6.5 

+4450 

1,103 

1,936 

12 

3rd qtr. 

84 

184 

29.7 

+54)38 

868 

24)19 


4th qtr. 




+3473 

422 

L980 


Jidy 

14.2 

174 

19.8 

+ 2440 

290 

658 

12 

Aug 

0.8 

14.5 

35.4 

+1440 

244 

659 

_ 

Sept 

9.7 

22.8 

34.3 

+2,458 

334 

706 

_ 

Oct 

— 4.7 

20.2 

24.0 

+ 1,552 

154 

681 

_ 

Nov 

7.6 

174 

204 

+ 445 

65 

642 

_ 

Dec 




+ 176 

203 

657 


1982 








Istqtr, 





967 

2,101 


Jan 




+1438 

356 

654 


Feb 




+ 846 

347 

691 


March 





264 

756 


April 





437 




INFLATION— Indices of earnings (Jan 1976=100); basic 
materials and fuels, wholesale prices of manufactured products 
(1975=100); retail prices and food prices (1974=100); FT 
commodity index (July 1952=100): trade weighted value of 
sterling (1975=100). 


1981 

Earn- 

ings* 

Basic 

metis.* 

Whsale. 

mnfg.* 

RPT* 

FT* 

Foods* comdty. Stria. 

Istqtr. 

1954 

213.8 

2124 

280.4 

268.7 

261.56 

101.4 

2nd qtr. 

2022 

225.8 

219.4 

294.0 

277.0 

245.07 

97.8 

3rd qtr. 

209.9 

235.9 

224.1 

299.1 

278.8 

260-83 

90.6 

4th qtr. 

214.6 

237.3 

2294 

306.5 

285.6 

248.97 

89.7 

Oct 

212.5 

2384 

2274 

303.7 

282.7 

259.12 

88.2 

Nov 

2144 

236.9 

229.4 

3064) 

285.5 

245,79 

90.1 

Dec 

1982 

1st qtr. 

217.1 

236.8 

230.4 

308.8 

288.5 

248.97 

90.8 

2164) 

238.0 

234.4 

311.6 

297.7 

242.40 

91.1 

Jan 

214.1 

2384) 

232.9 

310.6 

296.1 

252.94 

91.1 

Feb 

2174) 

239.9 

234.6 

310.7 

29742 

241.77 

91.5 

March 

219.5 

235.2 

235.6 

313.4 

299.8 

242.40 

90.8 

April 


238.4 

237.2 



246.84 

90.0 


* Not seasonally adjusted. 


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(Incorporated with limited liability in the Netherlands Antilles) 

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Unconditionally guaranteed as to’payment of 
principal, premium, if any. and interest by 


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(Incorporated in Illinois) 

The following have agreed to subscribe or procure subscribers for the Debentures : 


Credit Suisse First Boston Limited 


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Banqne Bruxelles Lambert S JL 


Banqne Nationale de Paris Banqne de Paris et des Pays-Bas County Bank limited 


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Moet'Hennessy 


At the meeting held on 22nd April 1982, the Board of Directors of 
Moet'Hennessy dosed the accounts for the year ended 31st December 1981. 
The balance showed a profit of F73, 03 1,455. 


The General Meeting of shareholders to be held on 24th June 1982 will be 
asked to approve the distribution of a dividend of F9 per share, which, taking 
into account the tax already paid to the Treasury (tax credit of F4.5D). will 
amount to a total revenue of F13.50. An initial dividend of F7 already 
having been paid on 1st February 1982, the dividend for the year as a whole 
amounts therefore to F16, i.e. a total revenue of F24, taking into account 
the tax already paid to the Treasury. This is an increase of 23% compared 
with last year. 


Consolidated Profit and Loss Account of the Mo€t-Hennessv Group 
(in millions of francs) 1981 1980 

Turnover excluding tax 4,178.6 2,923.6 

Trading profit 661.1 383.4 

Net profit 342.6 394.8 

Cash-flow 438.7 261.2 


The consolidated turnover therefore shows an increase of 43%, the trading 
profit an increase of 72% and the net profit an increase of 75%. 

It should be noted that a new method for entering provisions for price 
increases and expansion abroad in the accounts has been adopted. 

Taking these changes into account, the consolidated net profit shown above 
corresponds very closely to the adjusted net profits for previous years. 
However, in order to allow an exact comparison with the results for 1980, 
the latter have been recalculated in exactly the same manner. 
Furthermore, any analysis of the increase in the activity and profits of the 
group for 19S1 must take into account the integration in the consolidated 
accounts of our new subsidiary Schieffelin and Co. for the first time. The 
increase is also to a large extent due to the strong upward movement of the 
dollar during 19S1. 


Champagne and other wines 

The turnover of the champagne business for 1981 amounted to FI. 969 
thousand million, an increase of 46% compared with 1980. The trading 
account shows a profit of F340 million, compared with F251 million in 19S0. 
The net profit amounts to F1S2 million, compared with F132 million for the 
previous year. 


Cognac and other spirits 

The turnover for the cognac sector has increased from F775 million to 
FI. 179 thousand million for the current financial year. The substantial 
increase in sales, particularly on the American market, has led to a 
considerable increase in the trading profit and the net profit, which amount 
to F203 million and FI 12 million respectively. 


Perfume and cosmetics 


For the first time, the turnover for this sector as a whole has exceeded 
Fl thousand million, amounting to F1.029 thousand million, an increase of 
28.4%. The same level of increase was shown by both Dior and Roc. The 
trading profit has followed the same trend as it amounted to F146 million, 
compared with F89 million in 1980. The net profit for this sector amounted 
to F61 million, an increase of 43% over 1980. 

It should also be noted that, although the financing expenses for the group 
companies taken as a whole increased by 24% during the year, they have 
decreased considerably as a percentage of the turnover, since they now 
represent only 5.5% of the turnover compared with 6.3% in 1980. 

Moreover, the investments of the French companies amounted to F106 
milli on compared with F72 million the previous year. 


Compares and Markets 


Financial Times Thursday. May 20 1982 

INTL. COMPANIES & FINANCE 


Minerals magnetise CSR 


BY MICHAEL THOMPSON-NOEL IN SYDNEY 


CSR IS in many ways the very 
model of a modem Australian 
company — large, aggressive, 
forthright, with its eyes fixed 
squarely on the country's 
minerals and energy resources. 

Recently, CSR completed a 
US$950m refinancing package 
to cover the US$600m purchase 
of Delhi International Oil 
Corporation, the U.S.-based ml 
group' with most of its interests 
in Australia, and development 
of Delhi's share of the Cooper 
Basin liquids scheme in 
Queensland and South 
Australia. Late last year it 
made an A$135m (US$150m) 
rights issfc» to back its expan- 
sion plans. 

The Cooper Basin is Austra- 
lia’s most important on-shore 
oil and gas property. It sup- 
plies Sydney and Adelaide 
with gas, and it has proven and 
probable reserves of more than 
3,700bn cu ft of gas. and more 
than 300m barrels of oil and 
gas liquids. 

In addition. CSR is involved 
in coal, iron ore. sugar, build- 
ing materials, civil engineering 
and construction aluminium 
chemicals, tin, copper, gold 
and uranium. 

It began life in Sydney In 
2855 as the Colonial Sugar 
Refining Company, and until 
the late 1960s remained basic- 
ally a sugar company. 

Indeed, in the year to March 
31 1981, its sugar division — 
enjoying boom conditions—- 
contributed A$5S.3m of its net 
profits, or 52 per cent of the 
total A$U2.1m (USSllfi.SmL 
against the A$22.1m, or 19.7 
per cent, put in by building 
materials, A$15.5m by energy. 
A$10.1m of aluminium and 
chemicals, 1 and the A$6.1m of 

min erals 

In the current year, profits 
from sugar will be dramatio- 
ally lower, because of the 
collapse of world sugar prices 
and higher production costs. 

CSR’s annual profit figures 
are expected to be announced 
somewhat later this year than 
previously, in early July as 
against early June, reflecting 
the pace of change. 

Earlier this year, however. 
Potter Partners, the Australian 
sharebroker, said it expected a 
fall in net profit for CSR in 
1981-82 from A$112.1m to 
around A$S4m. Lately, its 
estimate has fallen slightly, to 
“maybe A$78m to A$80m" 
i because of further turmoil in 
I the sugar market, on top of 


lower minerals earnings, and 
depressed conditions in alumina. 

But higher profits are ex- 
pected by the sharebrokers in 
building materials, and in 
energy, where a more-thmt- 
doubled contribution from coal 
is foreseen from the A 56.4m of 
1980-81. more than offsetting a 
fall in profit from the oil and 
gas and contract drilling sector 
as a higher exploration write- 
off' is charged against profit 

For the six months to Sep- 
tember 30 last year, the group’s 
profit was A 842.5m. a 30 per 
cent decline on the first half 
Of 1980-81. 

The main reason for the 
decline was the sharp fall in 
profits from sugar milling, the 
average free world market price 
for sugar last October being 
£228 a tonne lower than in 


that has been hailed as a signi- 
ficant achievement In project 
financing. 

The Delhi loan package, 
arranged with a consortium of 
Australian and overseas banks, 
is easily the biggest such bor- 
rowing made by an Australian 
company. It covers the cost of 
acquisition: accrued interest 
over a three-year period, prior 
to generation of cash flow from 
the liquids project, and Delhi's 
share of exploration and deve- 
lopment expenditure. 

The total capital cost of the 
project is A$lbn, of which 
Delhi's share is approximately 
20 per cent 

Delhi's resource base covers 
approximately 24m net acres 
in the Permian. Cooper and 
Pedirka basins, and in the over- 
lying Jurassic Eromanga basin. 


The minerals and energy resources of Australia have 
attracted CSR. into laying out more than U.S.$lbn in 
the past three years on the acquisition of two corn- 
companies alone — Thiess Holdings, the coal miner, 
and Delhi International, the U.S.-based concern with 
a stake in oil .and gas in Australia’s Cooper Basin. 
The range of the company’s diversification has taken 
in base metals, gold and uranium, aluminium, the 
Julia Creek oil shale field, as well as coal liquefaction, 
which has been studied in conjunction with Mitsui 
of Japan: Nevertheless, fluctuations in the sugar 
market maintain a commanding influence on profits 


October 1880 at £160. 

Other CSR activities showing 
lower profits in the first half 
of 1981-82 included pastoral 
properties — CSR operates 25 
cattle, sheep and grain proper- 
ties. totalling about 4m hectares 
— distilleries, industrial chemi- 
cals, the Gove bauxite and 
alumina project, and the MT 
Gunson copper mine. 


On the other hand, higher 
interim profits were achieved m 
coal, and in most of the pro- 
ducing groups of the building 
materials division, while larger 
dividends were received from 
its tin mining - interests in 
Indonesia: 


The key to CSR's philosophy 
and energetic growth is its 
determination to secure, and 
then consolidate strategic posi- 
tions in natural . resource 
sectors with better-than-average 
growth prospects. 

Hence arises its purchase, for 
A$520m (U.S.$600m) of Delhi 
six months ago, an acquisition 
giving CSR a substantial pre- 
sence in oil and gas, and one 


De Golyer and MacNaughton, 
the engineering consultants of 
Dallas, Texas, estimated Delhi's 
share of proven and probable 
Cooper Basin reserves at May 
1981, at 763bn cu ft of gas, and 
57m barrels of liquids (includ- 
ing 27m barrels of ethane). 

It has been said, therefore, 
that CSR paid a significant pre- 
mium for Delhi's future poten- 
tial reserves, which De Golyer 
and MacNaughton estimated at 
. 773bn cu ft of gas, a doubling 
of current reserves, and 158m 
barrels of liquids, approximately 
2.8 times current reserves. - 

“Significant” premium or not, 
a CSR director says, the rapid 
rate of discoveries in the Cooper 
Basin has “exceeded bur wildest 
dreams,” and CSR was delighted 
with its purchase. 

Shipments of liquids from 
the Cooper Basin is expected 
to start early next year, 
although profits will not be 
significant before the mid-1980s. 
In the second half of the 
decade, it is thought, they will 
mount steeply. 

A project currently on the 


back burner is CSR’s JuMa 
Creek oil shale prospect, west 
of Townsville in North Queens- 
land. The full-scale project 
would cost more than A$5ba at 
current prices, bat development 
is unlikely before the 1990s, if 
then. The company said this 
week: “ Julia Creek, has a 
lower priority than it - did, 
because of changed market 
conditions and the prominence 
being- given to Delhi.” 

Delhi and Julia Creek apart, 
CSR is developing in ways 
which include:-;- . 

• Coal: It bought Thiess 
Holdings for A$460sn 
(US$490m) in 1979. and now 
has a major stake in the in- 
dustry. although slapping and 
industrial problems, as well as 
the recent increase in the total 
Government take, have 
countered some of the benefits 
of higher prices; 

• Aluminium and chemicals: 
The world aluminium trade is 
depressed at present. This divi- 
sion, nevertheless, contributed 
ASHUm in profit In 1980-81, 
and CSR said recently that 
work on the A$600m Tomago 
aluminium smelter, in the 
Hunter Valley in New South 
Wales, was progressing on 
schedule. CSR’s interest in 
Tomago is held through its 51 
per cent stake in Gove Alu- 
mina, which will supply 35 
per cent of the smelter’s alu- 
mina needs, and market 35 per 
cent of the metal produced. 

• Metals: CSR owns 68 per 
cent of Pilbara Iron, and 100 per 
cent of the Mt Gunson copper 
mine in South Australia. 
Recently it bought the Partnga 
gold . leases on the Golden 
Mile, at Kalgoorlie, Western 
Australia, and is exploring the 
Mt Pleasant molybdenum /tung- 
sten prospect near Mudgee, 
New South Wales. In tin, divi- 
dends of A$5.3m -were received 
in 1980-81 from Kajuara Min- 
ing of Indonesia. In the past, 
CSR. has kept a very low profile 
on uranium, though it has in- 
terests in small deposits in 
South Australia, Queensland 
and Western Australia, and may 
well extend its holdings; 

• Building materials: A strong 
profits performance has been 
seen in this area, with interests 
that Include wallboards, floor- 
ing, roof tiles, insulation, con- 
crete and quarrying. At present. 
Australian mortgage rates are 
high, but office space is in abort 
supply, and there are many 



Mr R, G. Jackson, chief 
executive officer of CSR since 
1972, wbo has worked in a 
decade in which the 127-year- 
eld Colonial Sugar Refining 
has taken up new challenges 


hotel and leisure projects 
planned; V. 

% Sugar: The Australian sugar . 
industry is one of the most * . . - 
efficient in the world. CSR, ' 
which is the country’s largest 
sugar miller, also runs market- 
ing. technical, finance and bulk- 
handling services: 

• Pastoral business: The com- 
pany’s cattle, sheep and grain - ' 

properties are hostage to 
drought and fluctuating com- \. 
modity prices, but are said to 
represent net assets of A&Mton 
to A$50m. On the side, it - - 
accounts for about a third of the 
world’s output of macadam la 
nuts, producing about LOOO ‘ 
tonnes in Queensland, and 4,000 ‘ 

to 5,000 tonnes in HaiwaL “ The 
macadam! a,” says CSR with ' 

quiet pride “ is the world’s 

premier nut" ^ , , 

In future, limited recourse i!| ‘ ; 

financing -will continue to be " , 
important to CSR in arranging : ri Q 1 ? i v' ^ 
development of large resource 'yjy ' 1 
projects, though smaller com- 
mitments will be funded by a *:•(!;.' j.-i 

pnmfiiiMtrnn nf /IpM onnitv. anH <*' 


combination of debt, equity and 
cash flow. 

Over the four years to last 
March 31, .CSR's net profits 
growth was approximately -22 
per cent per annum compound. 

In Sydney, CSR is reckoned 
to have strong medium- to 
long-term appeal because of its 
strategic position in several 
resource and resource-related 
sectors. Moreover, it is seek- 
ing to combine greater diversity 
and stability of earnings with 
the important speculative edge 
that comes through strong 
exposure in oil and gas. Its 
prospects reflect those of the 
Australian economy as a 
whole. 


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W. R. GRACE N.V. 

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Tbe following have agreed to subscribe or procure subscribers for the Notes: 


Merrill Lynch International Sc Co. 

Algemene Bank Nederland N.V. Banca del Gottardo 

Bank Brussel Lambert N.V. Banque Nationale de Paris 

Banque de Paris et des Pays-Bas COMMERZBANK 

Daiwa Europe Limited Aktimgtsdischaft 

Dresdner Bank Morgan Grenfell 8c Co. Limited 

*te*&>*^ Orion Royal Bank Limited 

Societe Generate de Banque S.A. Union Bank of Switzerland (Securities) Limited 




The Notes, to be issued at 99$ per cent, havie been admitted ’to the Official List by the Council of The Stock Exchange 
subject only to the issue of the temporary Global Note. Interest will be payable annually in arrears on June 1, beginning 
June 1, 1983. 

Full particulars of the Notes are available in the Extel Statistical Service and may be obtained during usual business 
hours on any- weekday (Saturdays and public holidays excepted) up to and including June 2, 1982 from the broker 
to the issue: 


May 20, 1982 


Cazenove & Co., 
12 Tokenhouse Yard, 
London EC2R 7 AN 


U.S. $100,000,000 

B.B.L. International N.Y. 

(Incorporated with limited liability in The Netherlands) 

Floating Rate Notes Due 1986 


Guaranteed on a Subordinated Basis 

• as to payment of principal and interest by 


BBL 


Banque Bruxelles Lambert S.A./ 
Bask Brussel Lambert N.V. 

(Incorporated with limited (lability in Belgium) 


In accordance with the provisions of the Notes, notice 
is hereby given, that for the six month Interest Period 
from 20th May, 1982to 22 nd November, 1 982theNotes 
will carry an Interest Rate of 1 5-&-% per annum and the 
Coupon Amount per U.S. 55,000 will be U.S. S389.ll. 


Credit Smsse First Boston Limited 

Agent Bank 



Banco de la Provincia de Buenos Aires 

(A public entity organised under the Imes of the Republic of the Argentine) 


U.S. $50,000,000 
Floating Kale Notes due 198S 

Redeemable at the Noteholder’s option hi November, 1986 

For the six months 

20th May, 1982 to 22nd November, 1982 . 



I n acceptance with the provisions of the Note, 
: is hereby given that the rate of interest 


notice is hereby «iven that the rate of interest 
has been fixed at 15 Vis per cent. and that the interest 
payable on the relevant interest payment date, 22nd 
November, 1982 against Coupon No r 2 will be US.5339.1I. 


.Ap'oVBonk; 


Morgan Guaranty Trust Company 


c 


London 





• - ^ - 7 * 








Financial Times Thursday May 20 19S2 

3“ APPOINTMENTS 


| Post Office senior posts 

. s ma -„ e deputy chairman is Mr David seneral manager and aetuarv 

— • a m S er cS: S r S^M be S4-aS rt 5 

■ I ^ ^VSft S 

ijt . IS . months he has been become immediate pas! cliair- _ * 

'■SB '..dffector or fiou m eastern .postal man. Dr A. Iiayes will continue Because of ill hpalib air 

■ M f r r } h t 6 f°f- I9B2 ‘ 8S as BAA’S represen- Waller E. Burns has retired as 

— ‘ Mr^dric lative to the genera! assembly joint managing director of 

■•'«§ of P° 5tal of tfie •nternational federation ALEXANDERS HOLDINGS 

fl^oce. ar postal headquarters in of national associations of 

■i* ; as§f» * riy ® axter 1138 pesticide manufacturers, based sir R. J. Davies has been 

-Wi £S£SSX?,'ZSS£ 2 z “ Bn ~ b - * — < m ^r s i % a "1 

■ ir vi*T Mt- Bivtsr » - lit w | » ^enerai manager {UK and 

-« 3 v l - .. “T ^»a*ter, a former Mr Jun Pvner. previously aiujih^iv 




tr «• 7 * *'“ v * rr »»»“«« manufacturers, based Sir R. J. Davies has been 

•-been, appointed secretary to the m Brussels. an noin ted vSISmS 

^:«bn«watidn on a short term con- * 7»S? . 

• • i'f vt Mt* Rartof a inrma* Mr Tf ... m . general idsoq^pf (UK snd 

-S^V Mr Baxter, a former Mr Jim Pyner, previously Ireland) of AMETimAN 
.* director of postal personnel, has managing director of Cleaners EXPRESS INTERNATIONAL 

r dxrecton personnel "epartSe^S appomte? iSnlfi'S^’dlreetor^S AEIBC^in ISM ^nd h*s 


John Roberts, who has had a subsidiary of Pritchard "services 
dual role as both secretary to the group. 


..corporation arid director counter 
services, will now work full time 
. on counter services. 

* 


™ > rmcnara services manager in India. Pakistan, and 

ou,> ‘ Greece, and was managing 

air » «• . . director and general manager of 

™ r . “firard J. Wynne has been American Express Bank Spa, 


■national . sales 
A-B. Dick. 


.. on counter services. appointed director, manufactur- T«alv 

t.-‘ ■ . * ing development, or THORN EMI * 

- Mr Michael L. Roberts has GENERAL ENGINEERING, and Mr John Pvbus has been 
.been aPPO'nled commercial will -be responsible for standards appointed fl s a director of B. & P 
■director of THERMALITE. He of production facilities and INSTRUMENTATION a sub- 
retains his responsibilities as methods throughout the UK and Sia^- or the Ocean Venture 
company secretary and his overseas companies. He was G ?oup. 

> directorships of Laiogfreight director of manufacniring at * 

rand T. Hunt and Sons. Round Oak Steel. Mr David The SOCIETY OF COMPANY 

f T, rla v * . ... . Cropper has been appointed AND COMMERCIAL ACCOUN- 

... Mr Chris Newton-Smith has director, expnrt development, at TANTS has elected Mr John 

■S-JIw't r S< TwmfwfAv w horn EWI ? PneraI Engineer! ng- Mather, as chairman of council 
?Sn*Sie 0 SiSn£.«I? 0 w PS0N ? e , Wa u marketln R director at TI (president! and Mr F. J. Berpin 
'iS^$S l r£l£ W S ***■ * a. vico-chairmaiWvIce-i»reslden.>. 

. A^B. Dick. Mr Richard Miles has been Mr Christopher Perlwce. chief 

• CHARTFRFn TRIT^T ■. mom wtSm* 11 a d ^, cr ,! nr nf MONO executive of the Per twee Group. 

; v.rrf' cTSSS »!?!: ^ UM ^ S . and will heebme ox ecu- j, the new president nf UKASTA 

jELJf taSSnSS E? d ^ i tlve chairman nf the Mono Group (the United Kingdom Agricul- 
T 1 ^52SS I ” , B - T ’ nn J 1 "? 0 l - He wil1 continue as tural -Supply Trade Association). 

®55Si In - E ener al manager, executive chairman nf Saunders EOChTs manacing director. Mr 
A-nuiKeiiDR. Valve Co. Both oraanismions Allan Price, is the new deputy 

; - arc wholly-owned subsidiaries of president 

; The BRITISH AGROCHEMI- Gallaher. * 

CALS ASSOCIATION has ' Mr Victor W. Ilughtf has been Mr John E. Kales lias been 
appointed Dr Derek Corn- appointed deputv chief central appointed divisional director 

- thwaite. marketing director, ICI. manager of the NORWICH resnonsihie r»r Middle East 
V p * a ? t Protection Division, as UNION INSURANCE GROUP business development Tor JOHN 

chairman for 1982 -83. New from July 1. He will continue as BROWN ENGINEERS & CON- 

•Pl?m nr«rlor fni* for ,h e British Gas terminal at < 
vlUCI iUi Barrow in Furness. The con- 
... . tracts are worth ahout £lm. 

Philippines KENT PROCESS CONTROL. 

< . part of Bmwn Bnveri Kent, has 

Cigarette plant won an order worth more than 

. , ■ ■ .. . £3m to iastrument a petro- 

AMF LEGO. Andover. UK dm- chemical plant being built by. 
sion of AMF International, ■ has Davy McKee at Nishnekainsk. in 

• won a £12m contract from the ihe Tartar Republic of the 

■Philippines for the supply of USSR. The largest part of the 

- equipment and technical services order covers a 27-raelre panel 

for two complete cigarette for the plant main control mom. 

• factory process plants. The order Equipped with over 500 Kent 

. means more than 50 new jobs at electronic instruments, con- 

■ Andover. The factories are to trailers, indicators, recorders 

be constructed on a development and ratio stations, it will also 

. site owned by the Fortune incorporate an active somi- 

Tnbacco Corporation at Metro graphic display for rapid npera- 

Manila. AMF I^egg will supply tor access to plant status. As 

process machinery for the well as this central control 

control systems together with facility, the company is also to 

fiiechnicai handling, support supply three local confrol 

equipment and service utilities, centres. This £50m linear alpha 

The contract is believed to be olefins plant is using the process . 

the largest cigarette, factory pm- developed bv the Ethvl Corp. of Conrtruclion in progress at L 

jert in South East Asia since the Louisiana. When completed, the f* ct # oxy ..? f Cryoplants on an air 

war. It is planned to start plant will produce seme 750m that wliJ provtde essentia 1 oxy 

production in 19S3. . IVPTY of alpha olefins, a year, to to*** project The l.OOfMon-a-di 

* he used in the plastics industries A»rco Energy Company Inc., at 

DANIEL INDUSTRIES has for the production of detergents, cool water coal gasification proi 

orders for the gas. condensate and as special additives for The value of the contract 

and utilities metering systems lubricating oils. Cryoplants and. Airco Energy ar 


STRUCTORS. * He joins John 
Brown after, six years with 
Procon, latterly as marketing 
director. 

★ 

SEABOARD INTERNATIONAL 
(TIMBER & PLYWOOD; has 
appointed Mr E. R. Annan as 
managing director. He was 
director of sheet materials. 

* 

Sir Philip de Zulueia has been 
appointed a director of 
IMPERIAL CONTINENTAL GAS 
ASSOCIATION. He is special 
adviser to the board or the Hong- 
kong Bank Group and is also a 
director of a number of enm- ■ 
panics including Banque Beige, 
Tanks Consolidated Investments 
and Union KiniCre S.A. 

•k 

Mr Peter Smale has been 
anpoinled marketing and sales 
director for GRANDMET 
CATERING SERVICES, from 
June I. For the past two years 
he has been marketing director 
nf Wimpy International. 

■* 

Mr GeolTrey Clarkson has been 
appointed company secretary of 
LONDON AND MANCHESTER 
GROUP and London and Man- 
chester Assurance Co., from June 
I. Mr F. Collin and Mr T. W. 
Tliorn will retain their present 
appointment as joint secretaries. 

★ 

Mr Desmond James has been 
appointed a director of 
GRANADA GROUP. He has 
been group secretary since IB67. 
He is also :t director nf L'Etoile 
and Eurobel. Granada's insur- 
ance companies in Belgium, and 
nf .Telerent. Granada's overseas 
TV rental business. 

* 

Mr J. M. Kretsrhner has 
retired from the hoard of RUSH 
J- TOMPKINS GROUP. Hr was 
rhairman of Reed & Mallik since 
1975 and has been a non-execu- 
tive director nf Rush & Tomp- 
kins Group for the last 12 
months. 


for lhc British Gas terminal at 
Barrow in Furness. The con- 
tracts are worth ahout £lm. 

+ 

KENT PROCESS CONTROL, 
part nf Brawn Bnveri Kent, has 
won an order worth more than 
£2m to iastrument a petro- 
chemical plant being built by 
Davy McKee at Nishnekainsk. in 
the Tartar Republic of the 
USSR. The largest part nf the 
order covers a 27-raelre panel 
for the plant main control room. 
Equipped with over 500 Kent 
electronic instruments, con- 
trollers. indicators, recorders 
and ratio stations, it will also 
incorporate an active semi- 
graphic display for rapid opera- 
tor access to plant status. As 
well as this central control 
facility, the company is also to 
supply three local confrol 
centres. This £50m linear alpha 
olefins plant is using the process 
developed bv the Ethyl Cnrp. of 
Louisiana. Whpn completed, the 
plant will produce seme 750m 
MTY of alpha olefins, a year, to 
he used in fhe plastics industries 
for the production of detergents, 
and as special additives for 
lubricating oils. 



Construction in progress at the Edmonton. North London, 
factory of Cryoplants on an air separation column for a plant 
that will provide essential oxygen to a major U.S. synthetic 
fuels project The 1,000 -ton-a-day facility to be constructed by 
Airco Energy Company Inc., at a final cost of £18m. Is for the 
cool water' coal gasification programme at Daggett, California. 
The value of the contract to Cryoplants is £2m. Both 
.Cryoplants and. Airco Energy are members of The BOC Group. 


This advertisement complies with the requirements of ihc Council ofThe Stock. Exchange. 

GTE Finance N.V. SI 

(Incorporated wilh limited liability m the Netherlands Antilles) 

U.S*$75,000,000 
Retractable Notes due 1997 


The fallowing have agreed to subscribe or procure subscribers for the above Notes: 

Orion Royal Bank Limited 


Algemeae Bank Nederland N.V. 
Banque Internationale a Luxembourg 
S.A. 

Chemical Bank International Limited 
Continental Illinois Limited 
Girozentrale und Bank der 
osterreichischen Sparkassen 
Aktiengesellschaft 

Swiss Bank Corporation International 
Limited 


Banque Bruxelles Lambert SA 
Blyth Eastman Paine Webber 
International Limited 
Commerzbank Aktienges el l s c h aft 
Credit Lyonnais 
Salomon Brothers International 
Societe Generale de Banque SA 
Westdentsche Landesbank Girozentrale 


The Notes, to be issued at 100*V5 of their principal amount plus accrued interest, have been admitted 
to the Official List by the Council ofThe Stock Exchange, subject only to the issue of the temporary 
global Note. 

Interest is pavablc annuallv in arrears on Ju ne 1, beginning June 1, 1983. The interest rate on the 
Notes will be lift to June 1, 1985. GTE Finance N.V. may adjust the interest rate to apply 
throughout the following three vear period with effect from June ], 1985, 19SS, 1991 and 1994. The 
Notes may be redeemed in whole or in part at the option of GTE Finance N.V., and any Noteholder 
{na v require GTE Finance N.V. to redeem or purchase his Notes, in each case at par on June 1, 1985, 
1988, 1991 and 1994. 

Particulars of the Notes are available in the Extel Statistical Service and may be obtained during 
usual business hours up to and including June 9, 1 982 from:- 


Oraon Royal Bank Limited, 
1 London Wall, 

London EC2Y5JX 


Cazenove & Co, 

12 TokenhouGe Yard, 
London EC2R7AN 


May 20, 1982 


INVEST IN 50,000 
BETTER TOMORROWS! 

50,000 people in the United Kingdom suffer from progressively 
paralysing MULTIPLE SCLEROSIS— the cause and cure of which are 
still unknown— HELP US BRING THEM RELIEF AND HOPE. 

We need your donation to enable us to continue our work for the 
CARE and WELFARE OF MULTIPLE SCLEROSIS sufferers and to 
continue our commitment to find the cause and cure of MULTIPLE 
SCLEROSIS through MEDICAL RESEARCH. 

Please help — send a donation today to: 

Room F.l, The Multiple Sclerosis Society of G.B. and N.I. 
286 Munster Road, Fulham, London SW6 6BE 


TRAIL 




"The very Dositive attitude 
of the Local Trade Union 
combined with the willingness 
of the local people we ■ 

recruited to learn and adapt to 

new skills, was for «n major 
influence in our.deas»n to 
come to Cfwyd. Ours was a 
new industry, but there was 



throughout the Uj^a^ 

prpvad to be the ideal location, 
with its ctose proximity to major 
UK markets.. 

John Brazier, General 
Manager, Hoya Corporation. 


Clvwd 


Blaring a tra3 at the frontiers of tech notogy^-and 
they have chosen to do so in CtwycL ■ 

.They are not alone, over 200 new firms have 
dme me same in the last 4 years. 

Replacing steebnaking and other traditional 
staple industries over the last decade, Cfwyd has 

built up a fine reputation as the place to be for 
expanding businesses or brand new ventures. 

. Wehave a skilled and highly trainable workforce, 

as thffie companies have discovered for 

themselves. , J , - 

Ctofoinlythefinenewmotomsiyanddual- 
carriageway Knks to die central motorway network 
are vital for distiibutionr;15 mSUon customers are. 
just two tony hours away.’ ; • ■ 

Or perhaps they were attracted by the maximum 
financfolincenfr^prowded-^mayteth^i a^ 
the environment— or our excellent labour relatons 
record— <r the notebte absence of red tape. 

There are many very convincing reasons wnicn 
you wUlffod set out m our colour orochurB. For ) 

your copy contact WayneS Morgan, County i 

Industrial Officer, Owyd County Council, j 

Shire Hall, Mold, Ctwyd, NorthWates. 

Tet Mold (0352) 2121. Telex 61454 


offers you great potential in North East Wales 


• ?Re cognized aroond the 

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V V; ^ — Otfistopfcer Catanitx 

^fetapd&&cntwih ‘ .. 




V*; ’ 

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Accepted an both sides 
(A the Alps, and ahmst 


“Good in 160 countries. 
Iwoofctot trade them lor 
aUtbeteamChraa.” - 
—Marco Polo , 









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111 










iIum ^.uiuguu; «*i*J «W XilO£* 


Accountancy Appointments 






- : . :,.. . r,t'£?'4f '• • 


CHANNEL FOURthe new national 

television station based in the West End, needs the fol lowing personnel 
for its Finance Department: 


“IfikjtZSRt 


Chartered Accountant 


FINANCIAL ACCOUNTANT 

Reporfinq directly to the Financial Controller, 
me Financial Accountant will be responsible 
tor the day to day supervision of the Financial 
Accounts Department. This will include 
responsibility tor the compilation of accurate 
information for input into the computerised 
accounting system, overall control of payroll 
and all invoice payments, and all treasury 
activities. These responsibilities will involve 
close liaison with other departments within me 
organisation. 

The ideal candidate will be a qualified 
Chartered Accountant aged between 28 and 
38 with a good knowledge of computer-based 
systems and with some relevant post- 
professional experience. 

Salary and conditions of service will reflect the 
seniority of the post. Ref. DS/1 

PROGRAMME ACCOUNTANTS 

Programme Accountants will need excellent 
communicative skills as a large part of their 
work will involve reviewing, discussing and 
monitoring budgets and actual expenditures 
with independent producers and film makers. 
They will act as the link between the Finance 
Department, the Acquisition Department and 
the Producers of a number of different 
productions. 

A considerable amount of their time will be 
spent on location. 

Ideally, applicants should be qualified 
Accountants aged between 25-35 with some 
television or film experience. 

Salary and conditions of service are in line with 
those paid within the television industry. 

Ref. DS/2 


ASSISTANT PROGRAMME 
ACCOUNTANTS 

The Assistant Programme Accountants will 
assist the Programme Accountants in 
reviewing, discussing and monitoring budgets 
and actual expenditures of large productions 
as well as being responsible for their awn 
smaller productions. They will need to exhibit 
the same communicative skills as the 
Programme Accountants and will spend 
considerable time with independent 
producers, both in Channel Four's offices and 
on location. 

Ideally, applicants should be qualified or part- 
qualified Accountants aged between 24 and 
35 and film or television experience would be 
an advantage. 

Salary and conditions of service are in line with 
those paid within the television industry. 
Ref.DS/3 ' 






For a senior rote in Financial Analysis. 

Greenford, Middlesex 


Please write to Frank McGettigan. Channel 
Four Television Company Ltd., 60 Charlotte 
Street. London W-tP 2AX, quoting the relevant . 
reference number on the envelope. 
Applications should be submitted by 4th June 
1982. 







Channel Four is an equal opportunity 
employer: applications are 
welcome from candidates 
regardless of marital status, A 

race, nationality, ethnic or 
national origins or sex ■■ 

and from registered 
disabled persons. 


1 



Glaxo Pharmaceuticals Limited is a principal UK operating Company of the Glaxo Group, 
a leading international pharmaceutical group with a successful research record In many 

therapeutic areas. 

Glaxo Pharmaceuticals is the leading ethical pharmaceutical Company in the UK, but at 
the same time, the majority of our manufacturing output is exported. In addition, the 
Company is responsible for the co-ordination -of Glaxo ethical marketing worldwide. 
The finance function at the Company's Head Office at Greenford, Middlesex provides a 
complete range of accounting services for the Company and for a number of other UK 
Glaxo Companies, induding the Research Company. The activities of these various 
Companies cover numerous locations and provide employment forsomel 2,f®0 people, 
in the UK. 

We now seek an outstanding professional who will become s senior member of our 
Management Accounting team at Greenford and play leading Toia iri analysing and 
i nterpreting financial data for senior management. The work will, involve alt aspects of 
financial management including the financial analysis of world-wide marketing 
strategies. . 1 

The successful candidate will be a graduate who has several years post-qualification 
experience, will be technically competent, professionally up-to-date, articulate and able 
to communicate at all levels, both verbally and in* writing.. He/she should (rave the 
potential to assume high responsibilities in tim8. 

The immediate remuneration package will be attractive, induding London Weighting, 
productivity and profit-related bonuses and a non-contributory pension scheme. 

If you think you meet our requirements, please writs to me, Alan Winn, Sits Personnel 
Manager. Glaxo Pharmaceuticals Limited, Graerrfqrd Road, Greenford, Middlesex 
UB60HE. 


Pharmaceuticals limited 




ill.*' _ " •'j’i ■*' ' 


CHANNEL FOURTELEVISION 


0E5E§E5B5BSE5ESBSBSE5ESE5E5B5E5S5B5ESS5B«iE5BSS5E5B5E§BSE!3E5ESESE5ESE50 

LTD Ej 

| INTERNATIONAL 1 

1 ECONOMIST City c.£17,000+car | 


The Institute of Chartered Accountants in England 
and Wales requires a. . . . 




i Applications are invited for this important new 
appointment in a significant financial organisation. 
Economics graduates, male or female, with 
specialisation in international and monetary 
subjects, ideally supported by an MBA, will be 
appropriate. The preferred age is early thirties. 


i To be effective quickly, experience gained in an 
interna! ionai bank or corporation, a central bank or 
financial journalism Is essential, and first hand 


knowledge of European, American and Far Eastern 
markets a major advantage. A highly confident' 
communicating ability, backed by thorough 


knowledge of the subject matter, will be imperative to 
succeed with the senior financial people Involved. 
This Is a growth situation in which a person of 
appropriate knowledge and style will be able to make 
significant progress. To the salary as indicated will be 
added a subsidised mortgage, a car and other benefits 
appropriate to an up-to-date financial business. 


> Responsibilities will involve commentary, research 
and analysis of the medium term outlook for major 
currencies and interest rates, leading as well as 
establishment of risk ratings, exposure limits and 
lending strategies. 


Plea se send adequate particulars in confidence or telephone tor an application form, quoting ref. IE, to 
SWJ Adamson FCA, Director, Grosvenor Stewart Limited, Hamilton House, 75 Tilehouse Street. Hitchin, 
Hertfordshire. Telephone 0462 55303. 


GROSVENOR STEWART 

Executive Search and Selection 
London Brussels Frankfurt 


0BBB3BBBBBBBBBBBSBBBSBBBBBSB5B5BBBBBBBSB3BSBBBSB5BSBBBSBBE5BSBSBBBSBB0 


London/Milton Keynes £20,000 — £25,000 

The Secretary (Finance) is in effect the Financial Controller of the Institute and 
works in dose conjunction with a member of the council, who acts as Treasurer and 
plays an active part-time role in financial policy and control. 

The work involves the day-to-day control of an accounts department of 20 people 
currently located in Goswefl Road, EC1, but will move to MfltonKeynes in 1984- 
Applications are invited from qualified accountants with relevant experience which 
should ideally include managing the introductions of computer systems. 

It is unlikely that anyone under the age of 45 will have bad the necessary experience. 
The Institute has an attractive pension scheme and free medical insurance. . 

Please write enclosing your curriculum vitae to: 

M. Hoyle, 

The Institute of Chartered Accountants in England and Wales^ 

P.O.Box 433, 

Chartered Accountants’ Hall, 

Moorgate Race, London, EC2P 2BJ. 


Corporate finance 

City, to £15,000+ benefits 


A major City based UK multinational insurance company seeks a qualified 
accountant, with corporate finance experience, to work in a specialist 
department which handles corporate finance, treasury matters and financial 
policy for the group. The job offers the opportunity for an ambitious candidate 
to make a substantial contribution to the financial strategies and management 
of the company. Candidates will be expected to show a record of innovative 
achievement and an ability to work independently. 


Starting salary will be up to £15,000 plus substantial fringe benefits, including 
low rate mortgage facilities and a first dass pension scheme. 


Resumes, which will be acknowledged and forwarded to our client unless a 
covering letter gives contrary instructions, to E J Robins, Executive Selection 
Division, Ref. R089. 


Coopers 
&Lybrand 
associates 


Coopers & Lybrand Associates LimSed 
management consultants 


Shelley House Noble Street 
London EC2V7DQ 


Management Audit 


Hoechst UK is part of a major international group which is involved 
world-wide in the manufacture and supply of a wide range of industrial 
and consumer products. 


As a result of the appointment of our previous Internal Auditor to a 
senior management position in one of our subsidiaries, we are now 
seeking a replacement. The internal Auditor is a senior position which 
reports directly to the Chairman of the Finance Division. The job 
involves carrying out management audit both within Hoechst UK and 
in a number of our UK subsidiaries. 


Candidates should be Chartered Accountants with a minimum of 
3-4 years post qualification experience in an international firm of 
accountants in industry or commerce. 


We are offering a competitive salary and benefits package, as 
would be expected of a major international organisation. 


If you are interested, please write or telephone for an application 
form to:- Mrs C. J. Browne, Personnel Officer. Hoechst UK Limited, 
Salisbury Road, Hounslow. Middlesex, TW46JH. 


Tel: 01-5707712. Extn 3090. 


Hoechst 



SENIOR SYSTEMS ACCOUNTANT 





FINANCIAL 


CONTROLLER 


West End c £12,500 -Hear 

Aqualac (Spring ’Waters) Limited is the small 
dynamic and rapidly growing subsidiary of Source 
Perricc marketing riieirwell-kno\VTi range of drinks 

throughout the UK. 

They now seek a financial controller who will be 
responsible to the managing director for nrn ning the 
accounting function and for providing positive 
financial guidance to management, with a strong 
em phasis on management information, budgetary 
control and the treasury function. Responsibilities, 
will also include the secretarial legal and 
administrative areas, plus systems development; 
Candidates, ideally in their 30’s, should be qualified, 1 
appropriately experienced and keen to make a 
positive contribution to this marketing, based 
business. The salary is negotiable around £Z2pQ0 
p sl, plus ca^ pension arrangement and FPP. 
Applicants should write in conjidauc with full details of 
previous experience and ament salon quoting reference 
S1782 to J.iV. Hills ah 


Development and Implementation 
c. £15,000 + car 


SAINSBURVS have achieved record growth and profitability in recent years 
and an important integral part of such growth and development are its computer 
control systems. 

They are now seeking a qualified accountant with considerable experience of such 
systems to be a senior member of the team working on the development and 
implementation of a computer based accountancy system. 

In such a role the sltifl and ability to ensure an scare and interested co-operation 
from all levels of management is essential; as is the technical ability and business 
awareness to initiate these developments. 


The position is based in South London and offers a competitive bmefrts package, 
induding a Company car and profit share after qualifying service. 


Interested applicants should submit full career details, quoting ref 827, to 
Nigel Hopkins F.C A, at 31 Southampton Row, London W Cl B 5HY. 
Telephone 01-405 0442. 


FINANCIAL CONTROLLER 


LONDON 


TO £18,000 + CAR 


rJ 


The Peabody Trust a leading charitable housing association which has 
some 1 2,000 properties, seeks a financial executive of proven ability 
to play a key role in its management team. 


Reporting to the Director, the Financial Controller will manage eleven 
staff, including a qualified Chartered Accountant Responsibilities wHI 
include advice to the governors on financial policy and will coverall 
aspects of accountancy and finance with an emphasis on the develop- 
ment budgetary control, forecasting and management information. 


Applicants should be qualified accountants with experience of . 
computerised systems. A background in a housing association or local 
authority would be an advantage. 


Please send a comprehensive career resume, including salary history 
and day-time telephone number, quoting ref: 2053, to G. J. Perkins. i 


Michael Page Partnership 

Recruitment Consultants 

London Birmingham Manchester 


Annan Impey Monish, 

Managemenr Consultants. 
40/43 Chancery Lane, " 
London WC2A1JJ.-- 


rw. * 


m 

m 


ManagementAuditor 


Touche J^&(^^hmgej7ie?rtCoimdtants 

Hill House, 1 Little New Street London EC4A 3TR.Tel: 01-353 801 1 

Anwmbwof MarwaamwrtConBUltwi fa^Q djjtow. 


London & Overseas c £11,500 -{-expenses 

International Planned Parenthood Federztkmis a 
federation of voluntary planning associations carrying out 
family plaiuting programmesin about one hundred 
different countries, working in dosecollaborationwitli a 
number of other international agencies., . 

. i n order to function at optimum effectiveness, tbs 

IPPF now wishes to appoint two Management’Auditors, on 
a roving commission, to conduct financial audits; provide 
management information and advice for improving . 
existing programmes; minimise potential waste -in terms 
of systems, supplies and manpower— and to assess future 
needs. ... • 

You will have a background in accounting/O&M/. 
management techniques, probably be 30-50 with fluency in 
either Spanish or French and a pronounced social - 
conscience. It is envisaged that you will spend around 30% 
ofyour time abroad. 

In the first instance, please contact John Steed*,' 

^ Overseas Recniitment Services Ltd * 

37 Golden Square, London W3R4AL ' ; 
or telephone 01-439 94S1 (24-hour Ana afone) 



RS Limited 












N = Financial Times Thursday May 20 1982 



33 



Accountancy Appointments 


i i. . < 

•— fS* -V-l 



ACCOUNTANT 

with good ewnme-rcaJ experi- 
ence required • by international 
group for this permanent posi- 
tion based in Lagos, Nigeria. 
Applicants, preferably single and 
aged 30-40. will be responsible 
for all accounting and admini- 
stration functions for a company 
with turnover of £10m+. 
Appropriate terms and payment 
package are offered for this 
important position. 

Apply to: Box No. 5419 
e/o Extol Advertising 
4 Bouvorio Street. London EC4 


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ACCOUNTANCY 

APPOINTMENTS 

APPEAR EVERY 
THURSDAY 

RATE £29100 
per single column 
centimetre 


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13 

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ECONOMIST 


London 


to £15,000 


• TWs ts an attractive new appointment to the highly 
motivated economics team of a substantial 
International business. 

> Male or female economics graduates, well trained in 

S uaJJtalive, statistical methods and with banking, 
ovemment or corporate experience, will find this an 
opportunity not only to makB an important 
contribution but to gain career progression 
experience in adynamic growth situation. 


• Analysis of International data, writing country 
reports, making presentations on economic trends 
and special projects require the ability to 
communicate convincingly with senior financial 
people. A strong personality developed from an 
Internationa) background will be needed and a flair 
for languages, especially Spanish, will be useful, 
i To the starting salary, negotiable as indicated, will be 
added a subsidised mortgage and other benefits 
usual in a financial organisation. 


Wease send adequate particulars In confidence or telephone for an application form, quoting ref. EC, to 
SWJ Adamson FCA, Director, Grosvenor Stewart Limited, Hamilton House , 15 Tllehouse Street, Hitchin, 
Hertfordshire. Telephone 0462 55303. 


GROSVENOR STEWART 

Executive Search and Selection 
London Brussels Frankfurt 



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Accounting computer 
project manager 

London, c£22,000 



We quote our client: ideal candidate would be a consultancy manager with 
one of the major accounting firms. Applicants must have: 

• an accounting qualification 

• formal computer project management training either through major 
consultancy training programmes or university computer science degree 

• current state of the art computer project management experience on 
project of 35 man years or more 

• take charge leadership ability and senior management potential: applicants 
must have the wisdom of Solomon, the patience of Job, the iron 

* determination of Mrs Thatcher and the diplomatic skills of Machiaveffil 

Our client is a Fortune 500 multinational. Career prospects are excellent 
provided you are open to international transfer. Project is 1.5 years into 4 year 
first stage and needs you bacfly. This is not a project for the faint hearted. 

Resumes including a daytime telephone number to Stephen Blaney, 
Executive Selection Division, Ref. B047. 


Coopers 

&Lybrand 

associates 


Coopers & Lybrand Associates United 
management consultants 

Shefley House Noble Street 
London EC2V7DQ 


Young 
Accountant 

C. £12,500 

A major London based UK public group with 
extensive international interests wishes to appoint 
a qualified accountant to a senior position in its 
corporate accounting unit. 

The successful candidate will join a small, dynamic 
team and will personally contribute to the produc- 
tion of financial reportsforthe group and the hold- 
ing company. The group operates extensive 
computerised systems which are presently under- 
going a major review to meet rapidly changing 
requirements and the successful candidate will be 
required to take a full part in this review. Involve- 
ment in special projects and reporting on the 
impact of Companies Acts, Accounting Standards 
and EEC directives in relation to advanced con- 
solidation practices will also be required. 
Candidates, Chartered Accountants probably aged 
between 27 and 30, will have gained their experi- 
ence with one of the larger accountancy firms. A 
specific interest in financial accounting and experi- 
ence of computerised environment will be an 
advantage but the qualities of clear thinking and 
imagination are regarded as more essential than 
extensive technical experience. 

Conditions of employment and career develop- 
ment potential a re excellent 
Please apply in confidence to I. ML G. O'Hare, 
124 New Bond St, London Wl.Tel: 01-629 4226. 


MANN 

MANAGEMENT 


Supplies and Budgetary 
Accounting Opportunities 

Saudi Arabia c*fil6,000p.a* tax-free. 

Jh Jeddah, on Saudi Arabia's west coast,'a 500-bed hospital is being _ _ ■>' 

commiss ioned. Ruilr and equipped to the highest international standards it fe • 
yi^ntTTinrifT rhe rntmappr npnr nf THO Int ernatio nal Hospitals Group, the , 

British-based health care organisation, whkrhhas been given the task ofhdpmg 
to staff this medical project to its full complement of over 3,000 

medical, nursing, technical, clerical staff— and the administrative specialists who . 
■will ensure t-hpr the hospitals reputation is founded not only on medical / 

fy rv»11pnrp hut alsn nn ni itsranding manag ement expertise utilising so ph is ticat ed * 
computer based systems. We are no w looking for: 

Supplies Accountant 

To lake overall responsibility far the operation and control of the new hospital^ 
stock accounting systems. This will cover ail purchases (often made 
internationally) , stock pricing and verifications and provisions. SR 100,000 p«a. 
Ret M291/0L 

Budget Accountant 

To develop and operate costing and budgetary systems which will allow each. . 
department to function effici ently. SR 100,000p.a. Re£ M291/02. 

These demanding positions call for qualified accountants (ACA, ACMA or ■ 
ACCA) with 10 years appropriate professional experience, preferably in an 
T PtPrnarinna'l or ganisa rinn. 

Tax-free salaries will be paid in Saudi Riyals.^ Benefits include free 
accommodation furnished to the highest standards, 49 days annual holiday, 
free return flights ro the U.K. and free medical care. Facilities within the 
hospital complex, for the exclusive use of staff and their families, include shops, 
gymnasium, theatre, swimming pool, tennis courts and restaurants. 

Preference will be given, to suitably qualified Saudi Arabian nationals and 
Arabic speaking personnel. 

*The conversion to sterling has been effected at the rate SR 6.30 = £1. 

For further details, please send your c-v. to: Johnlnnes, I AL, Aeradio House, 
Hayes Road, Southall, Middlesex, UB2 5NJ. Tel: 01-574 4960. 

Please quore appropriate reference. 


/ 


IAL 


MEDICAL SERVICES 
COMMUNICATIONS SYSTEMS 
COMPUTER SYSTEMS AND SERVICES 
AVIATION SYSTEMS AND SERVICES-WORLDWIDE 


w 


E 

J 


Chief Group Management 
Accountant 

Irish Public Company Dublin 

Our client is a well known publicly quoted company with extensive interests 
in Ireland and overseas. The role is varied and extremely interesting 
involving, inter alia, the critical review of information systems in subsidiaries 
and acquisitions, follow-up and post audit of capital expenditure proposals, 
regular and ad hoc reports for the Board., and close liaison with Computer and 
Development departments. 

Candidates, probably in their 30’s must be qualified accountants with wide 
ranging experience of efficient computer basal systems in large and complex 
organisations, some of which may have been gained in a consultancy 
capacity; willingness to travel and well-developed inter-personal skills are 
also required. 

Salary is for discussion; those earning less than £16,000 at present are 
unlikely to meet the requirements. Company car and usual benefits. 

Please send relevant details - in confidence - to D. M. Hand ref. B. 82531. 

77ru appmtmm is open u> mtn aid 




Of 


\r v 


United Kingdom Australasia Benelux 
Canada France Germany Ireland 
Katy Scandinavia South Alnca 
Switzerland U.SA. 

Management Selection Limited 
International Management Consultants 
49 Upper Mount Street Dublin 2 


financial controller 

LONDON pOMOO+mt 

Our cKem is a profitable U.K. quoted commercial group. Their turnover exceeds £35m 

and thefreontinnii^ growth is tesed on individual jwofit centres located in the 

Northern Home Counties and London. _ 

They seek a Qualified Accountant (aged 30 to 40) whose primary respons^es will 
be &r the groups finances and accounting, but who will also make a significant 
raombntian to the wider aspects of the business. Consequently, applicants should 






Corporate Finance 

£12500-£1S000+Benefits 

Many of the city's leading Accepting Houses and 
Corporate Bankers recruit their executives through 
us. We are therefore in a strong position to advise • 
candidates of their marketability and help those 
■ wanting to embark on a banking career Typically we 
juld Eke to hear frorru- 


X 


woi 


1) Young graduate chartered accountants with 
substantial post-qualifying investigations, 
ir insolvency exp 


corporate tax or 
2) Young solicitors 


ency experience, 
with corporate advisory 

experience. 

We can be of positive help to you in your assessment 
of your own career ana introduce you to those 
banks whose requirements will be in step with your 
ambitions. 

Interested candidates should contact Robert Digby 
BA. with details of their careers to date. 

David Clark Associates 

4 New Bridge Street, London EG4 
Telephone! QL-353 1367 . 

A Badenodi & CJaik Group Company 


Financial Accounting ^ 
Opportunities 
in Nigeria 


A diverse international Group, located in the 
U.IC, but with substantial Nigerian interests is 
seeking to strengthen the financial/accouritmg 
structure within the Nigerian Companies. 

Position one is with an Investment Company 
reporting to an expatriate M.D. Candidates with 
professional accounting qualifications, 
preferably FCA/ACA, should be able to 
combine financial/accounting experience with 
either general management or company 
secretarial strengths. 

Essential requirements are the ability to install 
and monitor accounting systems, motivate 
Nigerian staff and the skai to negotiate at 
Ministerial level. 

Position two is with the central finance team rn 
the Head Office of a group of companies, 
reporting to an expatriate Finance Con troflec 
Candidates with professional quafificatfons. 


preferably ICMA, wffl be required to advise 
and assist on wide ranging financial and 
accounting matters, and help in optimising the 
efficiency of the functioa Participation in 
installing accounting systems and drafting/ 
involvement in training programmes far 
Nigerian staff is essential. 

Both positions involve some travel in Nigeria 
and are based in Lagos. Salaries are highly 
attractive and include all the usual expatriate 
benefits of furnished accommodation, car etc. 

Wife with fuff personal and career details to the 
address below, quoting ret: M9387/FTon the 
envelope. Vtour appheanon w$ be forwarded 
directly to the client unopened, unless marked 
for the attention of our Security Manager with a 
note of companiesto which it should not be 
sent 


PA Advertising 


Norwich Union House, 73/79 King Street, Manchester M2 2JL 
Tel: 061-236 4531 


V. 


A member of PA International 


J 



Qualified Accountant 


Petroleum Industry 


Geneva 


Intwga gn gppiICSZUa auuuw buuuw. * — — - — -i — » 

Philip Cartwright A.CJVLA. at % Southampton Row, London WOB5HY 
Telephone: (tt-405-0442 


MichaelBageRartnership 

Efcruitin^ 

London Birmingham 'Manchester 


ACCOUNTANCY 
RECRUITMENT. 

Temporary/Permanent Staff Placements. 

INTERNATIONAL AUDITORS 

(£ neg.) 

Accountancy Recruitment is always interested to hear from 
Qualified Accountants who wish to enter the field of Inter- 
national Auditing with British Public Group of Companies or 
American Multinationals. Locations are within London or 
Home Counties and. in some instances, positions can be based 
in major European Cities. 

Experience in modem systems technique auditing and opera- 
tion audit function, gained in a major professional practice, 
or in an Internal Audit department of large commercial or 
industrial organisation would be an advantage. Career pros- 
pects are unlimited for future financial and management 
rales. Ref: AT/ 190. 

For further details write or phone to : 

Accountancy Recruitment 

Kent House, 87 Regent St., London, WIR 7HF 
Tel: 01-437 1844 


A large international company seeks a qualified Accountant for its Geneva 
office world wide oil trading activities. 

Applicants must be conversant with oil trading and marketing and with the 
routines and administration associated with this business. Experience in 
refinery accounting, oil stock control and reconciliation would be an 
advantage. 

Above average salary negotiable. 

Preferedage35+. 

Applications are invited from both men and women who should write In 
confidence to Stewart Mitchell or telephone (24 hour answering service) for a 
personal history form quoting reference M/349/7. 


The P-EConsutting Group Appointments Division jp 

1 Albemarle Street, LondonWTX3HF Tel: 01-4991948 hv. 


ACCOUNTANTS LLOYD’S BROKERS 

FINANCIAL CONTROLLER. Age Open. cJE 12,000 + Benefits. 
Qualified with Insurance experience. All aspects .Inch computerisation 

DEPUTY CHIEF ACCT. Age 20s. £10,000 Neg. 

Qualified Insurance exp. pref. Bookkeeping up to final accounts 

MOORE & WEEKS LTD.. 52 MARK LANE, ECS 481 1506 (Rec. Con.) 




» 






JOBS COLUMN 


For ‘Pickup’, read ‘letdown’ • New Liffe • Pay 


BY MICHAEL DIXON 


"REALLY— a major statement 
of new policy?” the Jobs 
Column replied to the telephone 
call from the Education Depart- 
ment the other day. “Til be 
there to hear it.” 

What made the occasion 
particularly important was that 
the subject of the policy was the 
improvement of training pro- 
grammes in universities, poly- 
technics and colleges to bring 
the skills of workers from 
management to the shop floor 
into Line with the needs of the 
1980s. 

So I duly turned up at the 
London conference of the 
British Association for Commer- 
cial and Industrial Education 
where the new plan for training 
was no be revealed. And minutes 
later William Shelton. Parlia- 
mentary Under Secretary at the 
Education Department, stood up 
on the platform to do the 
revealing. 

His first bombshell was that 
the bureaucracy has already 
devised a smart new acronym 
for use when referring to the 
training of people in employ- 
ment. It is Pickup, standing for 
professional, industrial and 
commercial updating. IV eat, 
isn't it? 

What is more, up to £2m a 
year is to be diverted from other 
kinds of educational activity 
specifically to promote improved 
training. The sum represents 
no less than 0.016 per cent of 
the £ 12 bn-plus education budget, 
and compares with about film 
spent annually on courses for 


older people on topics less, and 
usually not at all, related to 
productive work. 

Of the £2m, half will be 
covered by the transfer of spend- 
ing by the Open University from 
academic programmes to others 
with a practical bearing. The 
Test will be spent piecemeal. 
Some will go on experiments 
with new teaching methods and 
curricula. There’s to be yet 
another series of regional work- 
shops. this time in the hope that 
the minority of educators active 
in training people in jobs will 
be able to persuade the majority 
to do likewise. Some regional 
development agents will be 
appointed to see whether they 
can improve links between 
educational institutions and 
employers. 

That may not seem much by 
way of promised action to 
emerge from a Ministerial 
soeech lasting some 40 minutes. 
But it is pretty well all there 
was. The rest was taken up by 
other things. 

There was a pious reaffirma- 
tion of the Education Depart- 
ment's commitment to training 
activity (which may or may not 
deter the Manpower Services 
Commission from further en- 
croachment on educational 
territory). There were also 
cobwebbed restatements of long 
festering problems, and facile 
appeals for full co-operation 
by all the rag-tag-and-bobtail 
of bodies among which respon- 
sibility for the nation’s work- 
skills is diffused. 


Mr Shelton cannot be blamed. 
He was just standing in at the 
conference for the Education 
Secretary, Sir Keith Joseph. He 
had ben diverted to a Cabinet 
Meeting where we can only 
hope he had something more 
useful to contribute. 

Besides, the content of the 
speech had probably been 
largely dictated by the Educa- 
tion Deparment’s officials who 
seem to divide their time 
between sheltering behind their 
lack of legal powers to arrest 
the decline of the education 
service, and steadfastly refusing 
to acquire any. 

One begins to wonder 
whether a bureaucracy like 
that is really necessary. 

Pit worker 

T.tvira will not be a bowl of 
cherries but a hive of activity 
for the recruit wanted by the 
Credit Suisse First Boston In- 
vestment Bank in the City of 
London. For Liffe. alias the 
London International Financial 
Futures Exchange due to open 
in the autumn, is where the 
newcomer will work as the 
bank’s floor trader. 

' The new market in the old 
Royal Exchange will be 
Britain's first venue for 
trading in future sales or pur- 
chases of financial instruments 
such as gilt-edged stock. But 
markets for this means of hedg- 
ing against or speculating on 
changes in rates of interest or 
currency exchange, and at low 


initial cost already thrive in 
the U.S. and elsewhere. 

A prime need is ability to 
listen to what several other 
people are saying — or rather 
shouting — while talking one- 
self. because the trading will 
be done by what is called open 
outcry in the new exchange’s 
various “pits.” 

At first the newcomer will 
wallow in only two of them — 
those concerned with Euro- 
dollar three-mouth time de- 
posits and with sterling long- 
gilt contracts based on a 20- 
year Government stock. 

Steven Licht, the bank’s man- 
aging director, says bead office 
will provide a continual com- 
mentary' on what is happening 
in the “ real markets.” And the 
floor trader ■ will work closely 
with the bank's gilts dealer 
David Blumm. 

“ But if the floor trader is 
any good, the buck will usually 
stop there. The job needs 
somebody who knows the num- 
bers business, who's willing to 
stand up and make a price, but 
has the sense and maturity to 
get out fast if ifs wrong. 

“ Obviously there’d be an ad- 
vantage for somebody who has 
worked the financial futures 
markets overseas. But we could 
train up a good dealer from 
the commodity markets or a 
stock jobber. After all. while 
the new market will have about 
350 seats there won’t be many 
experienced people in them at 
the start, and I daresay the 


turnover will be slow to get 
going. 

For a top trader already 
experienced in financial 
futures, the value of salary, 
bonus on the bank's results and 
perks could be £50.000. The 
equivalent for someone requir- 
ing conversion would be 
iSO.OOO-plus. 

Inquiries to Credit Suisse 
First Boston’s personnel man- 
ager, Tom Kerrigan, at 22 
Bishopsgate. Loudon EC2N 
4BQ; telephone 01-283 4200. 
telex 892131. 

Bank salaries 

BEFORE we leave the City, 
workers in merchant banks 
may like to know that they still 
in the main receive higher 
salaries than do their counter- 
parts in the branches of inter- 
national banks. The news comes 
from Lloyd Incomes Research’s 
latest survey covering 110 
banks. 36 merchant and 74 inter- 
national, and which in the full 
version costs £100. (Inquiries to 
Carole Fulton, 11 John Princes 
Street, London W1M 9HB: Tel: 
01-409 2141, telex 289550 John 
PG.) 

The merchant fraternity’s 
median salaries are the higher 
in 24 of the 38 posts common to 
both kinds of bank and whose 
various rewards are detailed in 
the survey. Among the 13 jobs 
with median salaries over 
£13,000, the positions are: 

Merchant higher — London- 


branch/general manager £27,720 
(international £26,400). money 
manager £24,700 (£24,600) , 

foreign-exchange chief dealer 
£21,120 (£20,700). operations 
manager £18,400 (£15,974), 

credit manager £17,955 
(£15,000), data-pro cessing mana- 
ger £15,849 (£15,570), account- 
ant £13,860 (£13,330), and loans 
officer £13.530 (£13.302). 

International higher-invest- 
ments manager £19,800 
(merchant £12.540), personnel 
manager £17,600 (£16.500) , 

corporate finance executive 
£15.800 (£11,800), sterling 

dealer £14,002 (£13,270), and 
auditor £13,720 (£13.479). 

High tech. 

A QUALIFIED accountant who 
has managed the finances of a 
£50m-plus manufacturing busi- 
ness. the more advanced the 
better, is’wanted by Christopher 
West of Courtney Stewart Inter- 
national for a high-technology 
group whose 25 companies here 
and abroad have sales approach- 
ing £200m. 

The new finance director will 
be based in Kent, report to the 
managing director, and be 
supported by a management 
and a financial accountant 
Salary around £35,000; perks 
include car. 

Inquiries to Mr West — who 
promises confidential treatment 
on request — at 11 Maddox 
Street London W1R 9LE; tel. 
01-491 4014, telex CSI 268312. 


QFU1G 


A conc^tual thinker with practical experience in line 
raanagementis required to head up a group planning' 
function with Acrow -. 

Setting and achieving challenging business objectives Is a 
key element of A cruw s tr a tegy requirin g fiar mal systematic 
procedures, coveiing both tactical and strategic 
management 

Theapplicantnmsthave the capahHitiea and expectation to 
become a chief executive in the group and will handle 
prcfjects of a general manage m e n t nature on behalf of the 
Group Managing Director; pecsraanel skills would be an 
advantage. ' ■ • 

The sal a ry i nc en t iv e compensation <md other benefits 
package win be sufficient to attract candidates of the 

highest rralihrfa, 

Hease mite in confidence to: 

The Gzonp Managing Director 
JJcnyw pile South ’Wharf I<aidon'W2PB 


INVESTMENT ANALYST 

- GLASGOW 

Penney Easton & Co. hai a vacancy for an Investment Analyst in 
its Glasgow-based Research Department. Applicants should hold a 
relevant degree or professional qualification, have a minimum of 
two years’ research or fund management experience, and possess 
the skills necessary to communicate effectively with Industry and 
major investment institutions. The remuneration offered will reflect 
the qualifications and experience of the successful applicant, and 
applications should be made in writing to: 

The Head of Research, Penney Easton & Co. 

24 George Square, Glasgow G2 1EB 


Deputy group treasurer 


City, c£16,000+car 


A major public company with UK and overseas manufacturing interests 
wishes to strengthen its head office finance team. 

You will progressively assume responsibility for the group's extensive 
banking relationships, forecasting and monitoring group companies* cash 
and currency requirements, and borrowing and investing funds on UK and 
overseas money markets. Working with the Group Treasurer you will provide 
financial information for the Board and gain experience in foreign exchange 
exposure management, loan negotiation and corporate financing. 

Aged around 30, you should have an accounting, banking or business 
qualification and a background in corporate finance, international banking 
or the treasury department of a multinational company. 

Resumes including a daytime telephone number to Stephen Blaney, 
Executive Selection Division, Ref. B044. 


Coopers 

&Lybrand 

associates 


Coopers & Lybrand Associates Limited 
management consiitanls 

Shelley House Noble Street 
London EC2V7DQ 


Young Investment Manager 

Fixed Interest Portfolio 

Aged around 30 five figure salary plus benefits 

This is an opportunity to take complete responsibility for the with a major broker.'An earnings package will be offered to 

fixed interest portfolios of a Scottish financial institution. attract the high calibre of individual required and generous 

The person appointed will be looked to for authoritative help will be given with relocation to this attractive part of 

advice and should be able to assume immediate Scotland. 

responsibility for the funds. Write or telephone for an application form or send brief c.v. 

Candidates, male or female, aged around 30, should be to the address below, quoting ra£AA65/>98l/FTon both 

Graduates with a numerate discipline, actuaries or letter and envelope, and advising us of any other 

accountants. They must have at least three years relevant applications you have made to PA Personnel Services 

experience in the management of a fixed interest portfolio within the last twelve months. No details are divulged to 

and possess the analytical skills and perception required to clients without prior permission. Initial interviews will be 

keep them in close contact with market trends. Their conducted by PA Consultants, 

experience is likely to have been gained in a life office or 


PA Personnel Services 

Hobart House, 80 Hanover Street, Edinburgh EH2 TEL Tel: 031-2254481. 



A member of PA International 


LEICESTER POLYTECHNIC 

School of Mathematics 
Computing and Statistics 

LECTURER II 

IN OPERATIONAL RESEARCti 
(Pest 19) ? 

Tha Lecturer will Join ■ group of OR 
specialists reaching on dagraa and 
postgraduate courses in a variety 
or disciplines. Applicants should 
have an appropriate degree with 
experience in tndustrlal/commerciat 
OB. Encouragement will faB given 
to continue with consultancy/- 
research. Experience in teaching 
statistics would be welcome. • 

LECTURER If 

IN INTERACTIVE COMPUTING. 

(Post 75) . \\ 

Candidates should be appropriately 
qualified, to teach computer science’ 
topics on a wide range of courses* 
up to first degree and possibly 
Masters degree level. 

Applicants having interest in pro- 
gramming. software engineering or 
operating systems would be parti* 
cuiarly welcomed, as would those, 
with recent industrial experience. — 
SALARY: £6, 462-El 0.431 per annum 
(under review). : / 

Application forms and further parti? 
oilers ‘ are available from - tM 
Personnel Officer. Leicester Poly: 
technic. P.O. Box 143. Leicester LEI 
9BH. Tel: (0633) 551551 extn. 23G3-: 



Finance and DP Consultancy 

Manager 

Singapore to equiv.£26,500 


P rice Waterhouse. Singapore, an importantand growing practice forming partof 
Price Waterhouse International wish to recruita competent person for this key 
position to assist in the continued development of the finance and EDP 
consultancy services. 

Reporting to the partners, the successful applicant’s main responsibilities will include 
assistance in the continual growth of the firm in Singapore andtrainingsupport staffas 
well as building a team ot'higli calibre consultancy professionals. 

Candidates must be qualified with at least ten years middle management experience, of 
which four should have been in a consul tancy capability in the accounting and finance 
discipline. In addition strong EDP experience is required as well as the need for 
excellent communicative skills, training ability plus the energy and enthusiasm with 
which to develop a sound cl ient base. 

In addition to salary and bonus, benefits will include free accommodation, settling in 
allowance, car purchase scheme, annual vacation with paid leave passages for the 
successful applicant and family, free medical attention, personal accident and life 
assurance and a non-contributory expatriate staff provident fund repatriable tax free 
with interest earned. This is a career appointment offering distinct scope for 
advancement 

Candidates should write in ~r-v 

confidence fora personal history !_>/• 

form , quo tin g reference MCS/7064 TTICC 

to Michael R. Andrews, Executive \ Tbfprnrn icp 

Selection Division. Southwark Towers, V/X/ 4 * 1 . 1 N-'LloCT 

32 London Bridge Street, London SEI 9SY. * Y Associates 




nee 

/aterhouse 

r Associates 


Phillips & Drew 

Property Analyst 


Phillips & Drew wish to appoint an additional property analyst within 
their financial unit The unit is concerned with the research and 
marketing of financial shares to our Institutional Clients. The 
successful applicant will be a graduate and/or professionally qualified 
person with either some experience of investment research or 
experience within the industry. The preferred age range is 25-30. 

Applications to: 

Caroline Barrett, Phillips & Drew, 

Lee House, London Wall, London EC2Y 5AP 


EUROCURRENCY 
LOANS MANAGEMENT 

ORION ROYAL BANK, a major inter- 
national merchant bank, is the flagship 
of The Royal Bank of Canada’s World 
Trade and Merchant Banking Divisions, 
which offers a comprehensive range of 
financial services worldwide. 

Due to the expansion of our business 
activity within the Euromarkets, we 
require an additional person to take 
responsibility for part of the loan port- 
folio within the Loans Management 
Team. 

Candidates, who should be trained 
financial analysts with a graduate 
degree, will have gained relevant experi- 
ence in the Lending Department of an 
international or merchant bank, 
possibly as an Account Officer. 

This managerial appointment offers an 
excellent opportunity to develop a 
career in a stimulating environment 
enhanced by a first-class remuneration 
package, including 4% mortgage subsidy 
assistance and a non-contributoiy 
pension. 

Applications, which will be treated 
in confidence, should be addressed 
to: Keith Wood - Personnel - Orion 
Royal. Rank Limited, 1 London. 
Wall, London EC2Y 5JX 

ORION ROYAL BANK LIMITED 

Amember otTbeRoyal Bank of CanadaGroup 


HONG KONG SHARES SALES 

Sun Hung Kai Securities (UK) Ltd. are looking for 
a Hong Kong shares sales executive. 

Candidate should have at least two years inter- 
national experience and previous exposure to the 
Far East Markets is preferred. 

A competitive compensation package will be paid 
according to experience and ability. 

Please reply in the first instance to. - — 

^ Executive Director 

SUN HUNG KAI SECURITIES (UK) LTD. 

13 Sherborne Lane 
London EC4N 7SL 


Management consultancy 


Scotland, Cl 4,000 to £16,500 



We are one of the largest British international management and economic 
consultancies. Arising from the rapid expansion of our consulting practice 
throughout Scotland we require further outstanding consultants with accounting 
qualifications (aged 28-34) currently working in manufacturing Industry or 
commerce, who now wish to broaden their careers. 

We would expect candidates to have experience with a large organisation in 

• management information systems 

• budgeting and corporate planning 

• financial analysis and control 

• computer based systems. 

We often 

• a unique opportunity to develop your business and technical skills In toe 
challenging field of financial consulting 

• a wide range of assignments including systems design and implementation 
as well as financial investigation and advice 

• the opportunity to work in multi-discipline teams 

• a base in Edinburgh or Glasgow. 

Resumes including a daytime telephone number to Ian Bodle, Executive 
Selection Division, Ref. M983. 


Coopers 

&Lybrand 

associates 


Coopers & Lybrand Associates Limited 
management consultants 

Highland House Vfeterioo Street 

QasgowG27DB 


International 
Broadcast Media 
Executive 

(2 vacancies— London based) 

Airtime International, a subsidiary of Scottish 
Television, seeks applications for two high-calibre 
individuals wishing to become involved in all 
aspects of the overseas television and radio airtime 
sales contracts handled by the Company. 

Suitable candidates aged between 25-35 years will 
be self-confident, well-groomed and have a degree 
in either law, economics, international politics or 
an equivalent discipline and preferably fluent in 
a second language. 

Write far an application form to:-— (f- 

Jonthan F. Shier. CL 7/ 

Managing Director, r «Q<SBy 

Airtime International. IV A 

30, Old Burlington Street, I ' 

London W1X 1LB. ( l 


APPOINTMENTS 

WANTED 


*8.0. WOMAN — 32 YEARS 

Well-connected experienced p.R.O- 
with international background, also 
qualified as bilingual English -French 
simultaneous interpreter, seeks 
appropriate Appointment. 

Writ® SETS* REF. 4610 
. 65 avenue dee Champs Efysfe* 
75003 Paris. France 
or phone Paris (1) 288.53.40 


APPOINTMENTS 

ADVERTISING 

APPEAR EVERY 
imjRSDAY 

RATE £29.00 . 

-- per single column - 
centimetre - 













> 


s 


33* : 


sSW 

Z -- . .*o • 


*<a : 


^ ■; ZH* 


-Financial Times Thursday May"20 1982 

H 

NorthWest 

Commercial 
Lending Officer 

c. £12,500 + attractive benefits 

Ormskirk, Lancs. 

TSB North West is seeking to recruit a CLEARING BANKER w ho 
has sound experience or commercial lending and small 
business f inance. The challenge will be to develop the 
commercial aspect of branch banking and to work closely with 
senior management within the Regional administration. 

.Applicants, aged over 30 and fully qualified, should he 
conversant with the needs of small businesses as well as 
limited liability companies and have a proven aptitude for 
assessing lending propositions. A i lair for communication and 
organisation is also essential. 

In addition to the commencing salarv. which increases no an 
incremental scale, signmcant benefits include house mortgage 
subsidy first class pension scheme. 30 da vs hohd.iv and Tree 
medical insurance. Relocation assistance in suitable cases. 

Please write v ith full CV. to: Mr. G. Skilling. TSB North West, 
TSB House, 24 Mount Street, Manchester M60 2E8. 


EXECUTIVE 

Required dynamic and competent executive for 
employment in expanding and exporting group 
of companies located in London and Switzerland 
for promotion export trade. The candidate shall 
travel to Middle East, South America and Africa. 
English language and experience of inter- 
national trade essential. Other languages or 
-other- experiences are an advantage. Good 
salary and some bonus negotiable. 

Please sprite full. details of background to advertiser 
P.O. Box 112 W2, London, W2, England. All information 
will be treated confidentially. 



. INVESTMENT BANKING 
CORPORATE FINANCE 

Orion Raya] Bank is the independent inter- 
national investment banking ami of The 
Royal Bank of Canada Group in die Cilv of 
London and has a limited number of 
vacancies For: 

Senior Managerial (28-31 years old) 

Candidates who have gained 3-4 years’ 
experience in United Kingdom Corporate 
Finance who wish to become more involved 
in international business. 

Junior Managerial (24-27 years old) 

People with post-graduate training and 
recent qualifications in accounting. Taw or 
business administration, or who have com- 
pleted a formal training in credit analysis on 
the American system and wish to capitalise 
on their training by becoming international 
investment bankers. 

Selected candidates will receive training 
appropriate to previous experience and will 
demonstrate the confidence, strength of 
character and ambition to attain senior 
management positions in their early thirties. 

A first-class remuneration package 
including non-contributorv pension, prefer- 
ential mortgage, health insurance, etc. is 
provided. 

Applications, which will be treated in 
confidence, should be addressed to: 

The Personnel Director 
Orion Royal Bank Limited, 

1 London Wall, London EC2Y 5JX 

ORION ROYAL BANK LIMITED 

A mcmbei ol TbeBoya) Bank ot CanadaGroup 


BO YOU UNDERSTAND 
MONEY ? 

HAM3RO LIFE ASSURANCE 
ARE LOOKING FOR 
SALES PEOPLE THAT DO 

Hiii s.ieciiiii.ied and caniinuoiis 
1'ni'iifti. coiipi-rj Ani h hard work. 
enor.iv .:nd deicin'i nation will do 
l!:«? rest. 

In IC3 ? . m-jri* ihrfii 3iQ ol eur S.i!cs 

Hf : oci3W. L-.irnO'l .n QJCCC43 nl 
flj.iXXI M.n« fi ja no previous 
c .pur-', tv- ; . 

Suc-ni'i.ii .ippl.c.inis or» lilrtv i-i 
(w hi. ;■■■!.••! n K-5“ live vrithin -0 
m.Irk •*! LpnJcu v.d highly ind?- 
pomlenr by nunrp. 

PLEASE TELEPHONE 01-405 5351 


FOREX 


APPOINTMENTS 

For Fore* /Treasury.- LI FFg 
Appointment? discu?? your need?. 
Ol no cool, wuc a special im 

TERENCE STEPHENSON 
13/14 Lillie Britain 
London EC1A 7BX 
Tel: 01-606 68M 
20 year s market experience 


EMPLOYMENT CONDITIONS 
ABROAD LIMITED 

An lnif<rnaiional Ai*.ociaii«n o! 
Finplo-ers providing confidential 
inlormarion to it', member crganiiii- 
lion*. not uidrinlujl^. iclaling ;c. 
employment ot ejpairiatcs and 
national? w-iiidwiuo 

01-637 7604 


City 


LOAN OFFICER 

£16— £20,000 + car 
Medium-sized Regional U.S. Bank 


Our Client is the London branch of a successful and expanding-U.S. bank with a 
developing presence in the U.K. and Europe. 

The current requirement is for a versatile lending bank.er to - assist in the 
development of the bank's diversified loan portfolio, which includes direct and 
syndicated lending and some involvement in the capital markets. 

Candidates, preferably in their late 20's or early 30's with a degree and/or a 
professional qualification, should possess a formal credit training and a 
subsequent record of successful business generation. Drive and imagination are 
regarded as essential ingredients for success, as is the willingness to travel 
throughout the U.K. and Western Europe. 

This represents a challenging and attractive opportunity for personal development 
with an organisation which recognises flair and performance. 

Contact Norman Philpot in confidence 
on 01-2433812 


NPA 1 

Recruitmem 

[ ServiG6s;Lid| 

j 60 CheapsidcTiondon EC2-Tel<?phone 0T248 3S12/3 4-5— X '-/-"'A ■' 


Investment 

Management 

An established and successful company, in recent years we have 
expanded our conventional life assurance business to embrace a 
range of investment-linked and pensions contracts. 

In order to maintain our record of first-class investment perform- 
ance and achieve futu replans, we now wish to recruit a further high- 
calibre fund manager. The man or woman appointed will initially 
run the overseas portfolio; success will lead to a broader and more 
senior management appointment within the G roup. 

Candidates must have a broad investment background, with 
considerable experience in UK and overseas equity and fixed 
interest funds: a special interest in Japanese and US securities will 
be helpful. A degree and/or. professional qualification is essential 
and it is unlikely that anyone under 35 will have the ability and 
personal standing required. 

-The substantial remuneration package includes a company car, 
concessionary mortgage facility, pension scheme and private 
health insurance. Based at our Group Chief Office near Exeter, 
generous relocation expenses will be available. 

Please send a comprehensive CV. in strictest confidence to 
H T Gifford. Deputy General Manager, Personnel Services, London 
and Manchester Assurance Company Limited, Winslade Park, 
Exeter EX5 IDS. or for an initial confidential discussion, telephone 
Ian Henderson. General Manager (Investments), on Exeter (0392) 
52155 on Friday 21 May 19821 

London 
and 

Manchester 
Assurance 



LLOYD'S 

INSURANCE 




An npoortunity may *honly present 
itself lor one or -.wo executives or 
patent ml executives possessing 
expermo and a portfolio ot their 
own in ihc direct and reinsurance 
fields, ip join the board of ax olo 
established medium size firm of 
Lloyd's Brokers. Share ol the oquity 
might be available. Applications wiH 
be treated in the strictest confi- 
dence 

Write Bo* 4736 4. Financial Times 
JO. Cannon Street. EC4P 48V. 


•.rTci' 

, ,v 


Vv . . .,.1. ■' 


Strategic Planning 

International Banking 

Bank of America, one off tie world's largest international banks, is seeking a 
Planning Officer for the London headquarters of its Europe, Middle East and 
Africa Division. 

Reporting to the Head of Strategic Planning, the successful candidate will 
be involved in the development and review of the Division's long range 
strategic and operating plans, and will assist in the preparation and 
implementation of market-oriented projects. 

Applicants must have a degree. MBA or accountancy qualification, plus 
2-3 years' business experience in corporate planning or financial analysis, 
preferably gained in a multi-national organisation. Numeracy and the ability to 
work under pressure are essential requirements. “ 

Career prospects are excellent, and a competitive salary will be augmented 
by benefits which include low- interest mortgage, non-contributory pension 
and free BUPA. 

Write with fuli persona*, career and salary details to: A. J. Tucker. 
Recruitment Officer, Bank of America NT& SA, 25 Cannon Street, London, 
EC4P4HN. 



m Mm 

#•"'* AC _ T; 

i 





03 


: m* 

"i. ■Zte&L.Jg. 



BANKof AMERICA 




GOLD BULLION DEALER 

Our client, a leading Merchant Bank, wishes to 
recruit a senior gold bullion dealer. The success- 
ful candidate will probably be between 27/32 
years of age and have had substantial dealing 
experience over several years in the bullion market. 

The position is a challenging one with the oppor- 
tunity to play a vita! part in the expansion of a long 
esta blished busi ness. 

The salary and fringe benefits will fully reflect the 
importance of this appointment. 

Please write in confidence enclosing a detailed 
curriculum vitae to Peter S. Latham. 

Jonathan Wren & Co. 

Banking Recruitment Consultants, 

170 Bishopsgate, London EC2M 4LX 
Telephone: 01-623 1 266 



Company Secretary 

London West End Around £15,000 

for the parent company of a group of companies with an aggregate 
turnover in excess of £65m. engaged in the merchanting r 

fabrication, processing; fixing; manufacture and distribution of flat 

glass products throughout the UK. The Company Secretary is part 
of a small head office team , and apart from the normal secretarial 
duties an d responsibilities, will assist the ManagingDirector and- 
ex ecu fives to administer and control the activities of a large number 
of operating units, and advise their management on legal, 
secretarial and personnel matters. 

Candidates, preferably aged between 30 and 45, must be Chartered 
Secretaries with about 5 years' similar experience, and now be 
seeking greater responsibility. 

Attractive fringe benefits include car, season ticket loans, relocation 
expenses and free lunches. .... 

Please write to Ken Or re! I, ref. B. 19277, MSL Chartered Secretary, 
Management Selection Limited, 52 Grosvenor Gardens, 

London SW1W0AW. 

This appointment is open to men and women. 


Personal Financial 
Planning Manager 

London Upto£ 20 / 000 pa+Car& Benefits 

A leading company in this field seeks a dynamic manager to run and develop 
the Division of its established business on professional lines. Currently 
operating from four U.K. locations, the business offers considerable scope for 
expansion. 

Proven successful all-round business experience, integrity and detailed 
knowledae of Personal Financial Planning is essential, together with ability 
to negotiate at the highest level and to recruit, retain and motivate staff. 
Sales ability is necessary but the company, which is part of a major merchant 
banking group, is' not one for which highly geared selling techniques are 

appropriate. 

The successful applicant fmale or female) is unlikely to be currently earning 
a salarv of less than £15.000 p.a. The Manager wiH report to the Managing 
Director and the position will carry a first-class remuneration package, with a 
commencing salary, subject to negotiation, of up to £20,000 p.a. 

Please write giving full personal and career details quoting reference 1779 
onvour envelope (and stating separately the name of any company to which 
yoi/do not wish your name to be sent) in strictest confidence to the address 
below. 

Charles Barker 

RKJOTMEhTTAD^R^ ———— 

30 Fantigdon Street, London EC4A4EA.QT-236 30TI ■■■■■ 

mmmmmammmmTop Executives ■■■ 

Oar clients Sad better opportunities. Axe yon interested ? 

, nr TOUf ■mbitiong tfcwartad, va am help. Oar hfeiiiy rioted 

hrt* aR been engaged m *Top Management trie. 3h ^ md«rt «id 


MONEY MARKET/FUND INVESTMENT 

This position In in OWIMI Nnt in the oroCMS ol oocnirx, In ImWnr 
requires a senior bunker or brokcv cnebllshcd In managing hinds tor 
large corporate and personal accounts. 

BRANCH MANAGER 

A Cltv based bank are seeking a manager for tneir prestigious Wrst End 
branch. Sound banking ana accounting experience Plus a flair for 
customer business Is ossential. 

CHIEF CASHIER 

This responsible staiatlon In the R-dllsed accounts Peoanmcnt I 
leading Metal Broker requires a vartcif of skills with parftlculer rich 
on controlling cash movements and cxocricncco w either Commodities or 
Foreign Exchange, dealing lit Jorge sums in the money marker, plus the 
ability to oversee stafl. 

CREDIT MANAGERS ASSISTANT 

An excellent opportunity In an Ajnerican bank to loin a team ol highly 
professional entrepreneur,. Sound background knowledge of the Euro, 
currency credit market bssev en experience in loan, or credit Is essential. 
A graduate would be well received. 

EUROBOND SETTLEMENTS CLERK 

A senior position In a leading UJL Investment Bank. Ail aspects of 
settlement, is essential. 

Talk to Sheila Jones 


m 


w. 


OLD BROAD STREET 
BUREAU LIMITED 


STAFF CONSULTANTS! 

01-588 3991 






]ft|HglS&£XBamVEEn». 28 Bolton Street, lx»d«WlY SHB. 'Ibfc (H-i93 1309)1685 


CAREER OPPORTUNITY 

For an Engineer with a sound commercial background 

AN INTERNATIONAL COMPANT MANUFACTURING 
STRUCTURAL WATERPROOFING MATERIALS REQUIRES: 

EXECUTIVE DIRECTOR 

The successful applicant, to be based in London, will be 
responsible for financial and administrative matters in the 
London and regional offices of the UK. 

This office Will oho entail: 

• The promotion and 'technical instruction on products I to be 
carried ouc jointly with the Technical Director l on an inter- 
national level within the engineering and construction industry. 
- Market research -for the introduction of an established and 
proven waterproofing system, to the UK. 

Salary will be in accordance with qualifications and experience. 
Benefits include a company car and pension. 

Applicants, preferably with relevant international experience 
should apply in confidence, enclosing a full curriculum vitae, to: 
Box A7862, FinanciaTTimes 
10 Cannon Street, London EC4P 4BY 


Senior Consultants 
Financial Sector 

SRI International (formerly the Stanford Research Institute) provides a leading role in the 
provision of strategic advice and operational assistance to financial institutions worldwide. 
Such advice is often given in a team environment which involves specialists in EDP Strategy 
and security. 

The Institute wishes to recruit two senior professionals to join the staff of its London office 
(serving Europe, the Middle East and Africa) to undertake strategic management and 
operational consulting, respectively, in this area.' 

STRATEGIC will interest candidates with a knowledge of the financial sector at a business 

oriented level, together with in-depth strategic level experience with a 
financial institution. Ref: 293/A. 

OPERATIONAL will interest candidates with at 'least 7 years' experience in senior line 
management, and first-hand knowledge of computer techniques. Ref: 293/B. 
Applicants for both positions need to have gained the highest level academic and professional 
qualifications, plus several years' experience with a leading consultancy organisation. 

Please write, in confidence, quoting the appropriate reference and giving full details of 
personal and career history to: 

W. J. Romanowski, Personnel Manager. SRI International, NLA Tower, 12-16 Addiscombe 
Road, Croydon CR0 OXT. 


SRI International 


CORPORATE FINANCE 

Age 25-35 years Salary : Neg. £1 5-£25,000-f benefits 

Two vacancies exist for executives with broad experience covering : — investments, 
M & A, cash management, investigations etc. 

Candidates must be well motivated and possess proven negotiating/marketing 
skids, gained eitherfrom within banking, orfinancialsectors. 

Please contact Brian Gooch 
Jonathan Wren Executive Recruitment 
170 Bishopsgate* London EC2M 4 LX 
Tel: 01-6231266 











In 



ona 



Career Opportunity in 
International Finance 


The Challenge: 

The International Finance Corporation, the affiliate of The Wartd Bank 
promoting the private sector in developing countries, is seeking 
experienced financial professionals to become Investment Officers in its 
Capital Markets Department. 

The Task: 

The Capital Markets Department helps to develop financial markets In 
member developing countnes through policy advice and establishing 
new specialized financial institutions. The work of the Investment Officer 
also involves helping private companies from developing countries gain 
access to international capital markets. 

Requirements: 

Candidates must possess a graduate degree in finance or business 
ad ministration. An excellent command of English is essentia land fluency 
in French or Spanish is desired. Background should include a minimum 
of five years' in banking, eitherwith an investment bank or in the industrial 
finance or international department of a commercial bank. Substantive 
international experience, preferably with developing countries, is 
required in: leasing, small business financing. corporate finance, 
securities markets, ventu re capital or international bond and equity issues. 

Benefits: 

Competitive benefits package including relocation expenses on 
appointment and provision to maintain cultural ties with home country 

Pease send detailed resume in English quoting RehCCMD-S2 to: 

Miss Katherine Louthood. Recruitment Officer, 

International Finance Corporation. 1818 H SLMWC 

Room 1 9-269, Washington, D.C. 20433. USA. 


Qg <3 


INTERNATIONAL 

FINANCE 

CORPORATION 


Top Management 
Team — Saudi Arabia 

Around US $60,000 

for a leading and expanding organisation which is strengthening its senior 
management in order to achieve growth plans. The company has modern 
facilities for the production and marketing of cement products throughout the 
region and offers excellent career prospects. 

These are key appointments in a pleasant environment and carry a tax free 
salary, bonus, free housing, transport, medical , insurance , generous paid leave 
and first class travel. Please write - in confidence - giving full career details or 
telephone 01-730 0255 to G. E. Yazigi quoting appropriate reference. 


Finance Manager 


Prime responsibilities will be for all financial and accounting functions in a 
department of 20 staff. Candidates who should be qualified accountants and/or 
business graduates must have significant accounting and finance experience 
and working knowledge of EDP systems. Arabic speaking highly desirable. 
Ref. B. 1169-1. 

Marketing Manager 

Will be responsible for the development and control of the complete marketing 
function including market information, product development, publicity, sales 
and distribution. Candidates should be university graduates, ideally in 
marketing and must have held a senior marketing position preferably in 
building products. Arabic speaking highly desirable and exposure to Middle 
East valued. Ref. B. 1 169-2. 

Purchasing/Materials Manager 

Major tasks include the development of a purchasing policy for raw materials, 
spare parts, capital equipment and contract services locally and 
internationally, as well as for importation and inventory control 
administration. Candidates preferably with a university degree should have 
several years experience in purchasing and material supply functions ideally in 
cement related products in the Middle East. Fluency in Arabic an advantage. 
Ref. B. 1169-3. 

middle east 

Management Selection Limited 
International Management Consultants 

52 Grosvenor Gardens London SW1 W OAW 


Assistant General 

Manager-Marketing 

Air New Zealand Ltd. 


This position, which becomes 
available because of retirement 
and is one of four AGM posts 
reporting to the Chief Executive, 
represents a fundamentally 
important and pivotal role in the 
recovery programme of the 
company. In planning its early 
return to profitability Air New 
Zealand, which has some 8.000 
employees and domestic and 
international sales running at 
about N2S700 million pa, has 
recently commenced a major 
organisational restructuring. 

This appointment provides an 
outstanding opportunity to 
revitalise and develop the 
marketing activities, and hence 
the fortunes, of an airiine which 
enjoys world-wide recognition 
for toe excellence of its 
standards of service and its 
modem fleet. The appointee will 
lead a major division with wide 
ranging functions, including 
head office specialists and 
regional sales'marketing 
managers {based in three local 
and five overseas locations}, 


with' the accent very much on 
profitable development of activi- 
ties. The location is Auckland. 
The salary offered is fully 
competitive, being comparable 
to that of general managers of 
sizeable companies. A company 
car and appropriate fringe 
benefits are supplied. Relocation 
expenses will be reimbursed. 
Applications are invited from 
senior marketing executives 
with superior performance 
records in line management rn 
large and complex enterprises 
utilising sophisticated analytical, 
planning and control 
techniques. Prior experience in 
the air transport or travel 
industries would be of 
advantage, other things being 
equal, but outstanding 
professional marketing expertise 
is the more important criterion. . 
Security: The strictest 
confidentiality is assured. 


direct any enquiries to: 

E. R. Harrisson, Manager, 
Personnel Services, 


PA Management Consultants Ltd., 

PO Box 41 "8, Auckland 1. New Zealand. Telephone Auckland 32 718. 



COMPETITIVE SALARY 
FURNISHED FLAT & BENEFITS 
TAX FREE 

HEAD OF FINANCIAL 
OPERATIONS 

The housing Bank and institution responsible 
for providing financing and loans in support of 
Bahrain's national housing programme, intends to 
recruit a Head of Financial Operations. This 
post provides a substantial professional challenge 
and will enable the successful candidate and his 
family to enjoy the benefits of a pleasant 
environment within a strong financial community. 
This is a permanent appointment, initaliy for a 
period of two years and then extendable upon 
mutual agreement. 

Applicants should be holders of a University 
degree, quaiifed accountants (ACA or ACMA) 
and be aged between 30 and 40. Preference 
will be given to second degree holders who can 
demonstrate substantial management experience 
in a similar organisation. 

Applications, providing all necssary information 
and a current photograph should now be sent to:- 

The Deputy Chairman, 

The Housing Bank, 

P.O. Box 5370, 

Manama, 

Bahrain. 


This is the European headquarter of a highly successful US. 
multinational company firmly established in the health-care 
market and located in the Greater Paris area. Due to rapid 
expansion we need a young 

ASSISTANT CONTROLLER 

FOR EUROPE (PARIS) 

who will be directly involved in developing and implementing 
financraf strategies, tactical plans and control for the European 
division. He or she will report to the European Vice-President 
Finance. 

What we offer: 

—An exciting challenge in a fast-growing international company. 
—An excellent opportunity to apply existing skills and acquire 
new ones. 

— An informal but fast-paced and demanding working atmo- 
sphere. 

—Rapid career advancement based on performance. 
—Above-average compensation package and fringe benefits. 

What we need: 

—A young man or woman— between 24 and 30 years old. 

— Good education — professional accounting qualifications (CPA 
or CA) — must be familiar with U.S. or U.K. controlling 
systems. 

—Fluent in English — French highly desired. 

— A person who is *' tough on figures " and prepared 11 to roll up 
his sleeves.” 

If you believe you have above-average qualifications, 
please contact our consultants who vouch for confidentiality: 
P.O. BOX 525. CH-8027 ZUERICH /SWITZERLAND. 
PHONE SWITZERLAND 01/202 62 39 (MRS. L. MARCATO). 



INTERNATIONAL CONSORTIUM BANK 

is seeking an 

ECONOMIST 

for its PARIS economic and finanec studies department 

— Minimum 2/3 years experience in international economy 
analysis. 

— Perfect command of English and very good knowledge of 
French requested. 

The candidate will be capable of working in a team with a 
small group. 

Send handwritten letter + CV under ref. 8658 to: 

P. LICHAU S-A-, B.P. 220, 75063 PARTS CEDEX 02 
who will forward 


A well known Kuwait-based industrial group seeks highly -qualified 
financial professionals in support of its expansion, programme and 
as a result of recent promotions. These are highly visible' positions 
with immediate hands-on accountability and significant advancement 
potential within the Corporate Finance organisation. 

Investment/Financial Planning Analysts: 

Responsible for the financial analysis of an intemational investment 
portfolio with respect to portfolio performance and the development 
of alternative investment strategies based upon analyses- of market 
trends. Also responsible for analysing the performances of operating 
groups against plans and recommending specific actions to improve 
profitability. 

These positions can lead to. more responsible positions within the 
Corporate Finance, Treasury or Control functions. 

Business Development Analysts: 

Responsible for the evaluation of prospective commercial oppor- 
tunities: including market and financial analyses, the preparation of 
feasibility studies and financial projections. This position can lead to a 
more responsible position within the Corporate Control or Central 
Financial Planning function. 

Candidates will be qualified to degree level in finance,. economics or 
related fields from recognised universities and will possess highly 
developed analytical and presentation skills.' Fluency in both' Arabic' 
and English is preferred. 

Market/Product 

Development Manager: 

Within its present and planned manufacturing resources, the Group 
intends diversification and expansion into any field appropriate to 
its Middle East market and economy. It seeks a knowledgeable and 
innovative person, preferably with an engineering degree and back- 
ground, to lead its search into new and/or associated fields and to 
develop existing services. : 

Candidates will be: experienced in the development and marketing 
of industrial products and services, able to demonstrate creativity, 
willing to travel and to establish contact with various cultures and 
backgrounds. Fluency in both Arabic and English is preferred. 

These positions offer unique opportunities to become part of. a very 
sophisticated Corporate Finance organisation with significant career 
advancement opportunities as well as above average compensation 
opportunities. 

Interested and qualified applicants may submit their resumes in strict 
confidence to: 

Box A 7860, Financial Times, 1 0 Cannon Street; London EC4P 4BY. 


w 

Management 

Auditor 

West German Base 

Attractive Neg. Package 

Due to promotions, our client, a US multi-national group, seeks to recruit 
a qualified accountant or experienced auditor into their existing 
management team. 

Reporting to the Audit Manager, responsibility will be for operational 
audits of marketing, personnel, production control, and treasury 
functions, systems audits, limited review audits and acquisitions. 

Based in Frankfurt, you will spend approximately 50?® of your time in 
Germany with the remainder in Italy, Scandinavia, Switzerland and 
Benelux Countries. 

Opportunities for advancement are excellent as the organisation pursues 
a career progression plan. 

Applications arc invited from qualified accountants or experienced 
auditors possessing a working knowledge of German and/or Italian. ' 
Self motivation, social awareness and the ability to succeed are the 
essential qualities required in this demanding role. 

To apply, please telephone or write in confidence to M. J. R. Chapman 
quoting'ref: 6095. 




Ai 

Lloyd Chapman. 
Associates 

123^ New Bond Stree± f Lc>ndon'WiyOHl2 03-4997763 


A r&nbercfPA IrsemsScns! 


Senior Manager- Operations 

Lagos, Nigeria 


Our client is a leading Nigerian merchant 
bank. An Operations Manager is required 
who has had extensive relevant experience 
in a major international bank, preferably in 
a developing country. 

The position may appeal to an individual 
approaching retirement, although younger 
candidates with appropriate experience will 
be considered. 


A three year contract will be offered, and 
the remuneration wiB reflect the importance 
of the position and the experience of the 
mdividuaL Free housing,, car and drives and . 
the usual expatriate allowances and 
benefits will be provided. 

Please write, giving full personal and career 
details, and salaiy progression, to David 
Dale, quoting reference 1318. 


Odeers 





MANAGEMENT CONStJXTANTS 
Odgcrs and Co Ltd, One Old Bond St, 
London. WX3TD 01-499 S8U 


h.-: IkmljrvJ-M 
! W P M Ei If 1 


U.S. Citizen with 
a U.S. Security 
Clearance 

TO SUPPORT UJS. FORCES 1 
IN EUROPE 

BS degree in computer science 
or equivalent with two years’, 
experience in H6QOO GCOS Iff ■ 

Dump Analysis, system start-up 
and applications support. 

Send comma tat 
HONEYWELL, INFORMATION 
SYSTEMS INC. 

Attn* FSD Avenue Hanri'MetisaB W 
.MMO BnttMlSr.BetpUun • 











Financial Times -Thursday May 20 1382 - ... 

Sampasies and Markets 





COMMODITIES AND AGRICULTURE 


UK 




Farmers are naturally pleased 
that the Community price re- 
J view has been finally settled, 
'•'l It is true that the increase 
i •>.* granted, which averages 10,5 
per cent, hardly matches the 
“ rate of inflation, hut compared 
with previous awards it has 
been much, more generous. Far- 
mers have become adept at 
countering the effects of under, 
recoupment by producing more 
; from the same set of basic 
resources. The influence of 
prices on production is much 
less direct than popularly sup- 
posed. 

A mediocre — - in farmers’ 
terms — price settlement is 
much more likely to stimulate 
increasing production than a 
generous one. In the first case 
you just have to reduce unit 
costs by increasing turnover. In 
the second you might be able 
to carry on without too much 
effort sheltered by a good price 
review. 

From that point of view the 
present settlement has been 
broadly neutral, with the excep- 
tion of sheepmeat. This is 
supported by a variable pre- 
mium or deficiency payment 
paid by the EEC. The increase 
here is 101 per cent with the 
probability of a further increase 
of 4 per cent as part of the 
sheepmeat regime to bring UK 
prices up to the level of those 
in France. This will probably 
come in an addition to the ewe 
headage payment. 

Dairy farmers, in view of 
current overproduction, would 
seem to have come off well with 
101 per cent on the fnilfc price 


BY JOHN CHBtfiJNGTON, AGRICULTURE CORRESPONDENT 


INTERVENTION PRICE RISES FOR MAIN PRODUCTS 


Common wheat, barley and maize 

Sugar 

Olive OH 

Milk Products* 

Butter 

Skim powder 
Beef and veal (live-weight) 
Immediate 
From December 6 
Basic prices for: 

Sheepmeat 
and Pig mea t 

* European currency unto. 


and a reduction of 4 per cent 
in the co-responsibhity levy. 
All the signs are that milk pro- 
duction is increasing and this 
will come as a welcome bonus 
to farmers who had been 
setting out to secure higher' 
yields in any case. 

Beef has been quite 
generously treated with the fuH 
11 per cent by the end of the 
year, but specialist beef pro- 
duction is on a downward trend 
in the UK and it is unlikely 
that the award would encourage 
anyone to venture into this sec- 
tor or to expand it 

The increase for cereals of 
8J per cent is a recognition of 
the present and prospective 
over-supply in this sector. There 
is also the - threat of a co- 
responsibility levy reducing the 
intervention price neat year by 
1 per cent for every million 




Original 

New price 
ECU* per 

Final 

increase 

proposed 

increase 

' tonne 

% 

% 

T79J7 

8-5 

638 

514*10 

95 

9Jb 

2,17930 

11.0 

9J> 

3*49730 

lOA 

&6 

1,46230 

104 

93 

132630 

85 

M 

1J6660 

11.0 

9J> 

4,09830 

10-5 

9J) 

1^4630 

105 

9jQ 

tonnes by 

which the cereal 

harvest in 

the EEC 

increases 

above 119m 

tonnes. 



The generally unprotected 
livestock sector of pig and 
poultry products gets no direct 
price support and is in danger 
of facing increasing cereal feed 
costs unless it can have im- 
proved access to the different 
varieties of cereal substitutes 
entering the EEC. British 
farmers so far have not been 
able to use any great quantities 
of these but the .world Is now 
being scoured for materials to 
replace the cereals which will 
have to go either into interven- 
tion or subsidised exports. 

I doubt if this review will 
provide much in the way of 
funds for what is loosely called 
farm investment. Most will go 
in current costs. But farm In- 
vestment is a very subjective 


term. Host farmers could go 
on producing with their present 
machinei? and building equip- 
ment for -quite a long time. In 
fact they have already been 
doing so, as the falling sales of 
tractors, etc,, have shown over 
the past two or three years. 
Labour will still be allowed to 
drift away to counter increased 
wages. A lot more belt tigbten- 
isg is possible should that 
become necessary. 

The ever-present worry is 
that it could. The thinking 
farmer (and there are many 
such) might well ask: “sup- 
pose” the prop of the CAP is 
knocked away either by a 
Government pledged to Com- 
munity withdrawal or opted out 
of by an exasperated Mrs 
Thatcher frustrated from 
securing budgetary reform." 
This last is not so fanciful. She 
would simply -be taking advan- 
tage of the widespread use of 
national aid to support farmers 
by all EEC enembers. It would 
be easy for the practice to un- 
dermine the very existence of 
the CAP as the supreme 
arbiter of community farming. 
A not-so-gentie push would 
probably do it 

This is the British farmers’ 
nightmare. Withdrawal from 
the CAP would mean the sub- 
stitution of something between 
£2bn and £3bn annually in the 
shape of deficiency payments 
to maintain present farm price 
levels. Would any British 
Chancel] er pay it, or would the 
consumer, already reducing the 
uptake of a number of food 
items, pick up the tab? 


Egypt plants 
lower cotton 
acreage 

By Charles Richards in Cairo 

ACREAGE planted with 
cotton In Egypt this year Is 
some 4 per cent below target, 
according to the Egyptian 
Ministry of Agriculture 
quoted in the semi-official 
newspaper “ Al-Ahram.” 

The ministry had set a 
target of 1-1 m feddans (one 
feddan equals 1.03S acres) to 
be planted with cotton by the 
end of March, bat inclement 
weather delayed planting. 


Rubber producers’ group reactivated 


BY WONG SUUQNG M KUALA LUMPUR 


SENIOR OFFICIALS from the 
Association of Natural Rubber 
Producing Countries (ANRPC) 
are meeting in Kuala Lumpur 
today to reactivate the organisa- 
tion following producers’ dis- 
enchantment over the Inter- 
national Rubber Agreement 

At the INRO meeting here 
early this month, consumers in- 
sisted on a 1 per cent downward 
revision of the buffer stock 
price range in spite of strong 
appeals by producers. 

Malaysia, which played a big 
role in negotiating the INRA is 


particularly upset because it 
feels the price bands were 
fundamentally out of line with 
actual production costs and that 
consuming countries had taken 
advantage of a technical point 
in the agreement to force the 
downward revision. 

In doing so. producers’ confi- 
dence in the INRA has been 
eroded although it is unlikely 
that any of them would warn to 
quit the pact since it ss still a 
safety net against a further fall 
in prices in the present 
depressed environment 


Malaysia is calling for the 
ANRPC meeting to review the 
INRO operations and discuss 
what action producers can lake 
to improve the rubber price. 

The ANRPC, which links 
Malaysia, Indonesia, Thailand, 
India, Sri Lanka, Papua New 
Guinea, Singapore and Vietnam, 
used to be active in the 1970s 
in lobbying against the prolifera- 
tion of synthetic rubber plants 
in Japan and the West, but fell 
into disuse -after the INRA was 
negotiated in 1979. 


Legal moves 
over UK 
turkey ban 

-By Richard Mooney 

TEE UK Government is facing 
an action in the High Court over 
a 'ban imposed last summer on 
poultry imports from countries 
which vaccinate against fowl 
pest 

Announcing this move in 
London yesterday the French 
Turkey Federation (CINDE) 
repeated its allegation that the 
British ban, for which the 
Government claims mnmai 
health justification, is nothing 
more than a ploy to keep out 
cheaper competition. It claimed 
the rules of the Treaty of Rome 
had been breached because the 
ban interfered with free trade 
in the Community. 

Britain already faces an action 
over the ban in the European 
Court which has been brought 
by the EEC Commission. The 
CINDE action is thought to be 
the first brought by producers 
against a foreign government 
based on the Treaty of Rome. 

It claims damages and interest 
for lost sales which could run 
into millions of pounds. 

The imposition of the ban 
followed a whole series of 
accusations by British producers 
that they were fating unfair 
competition from a subsidised 
French turkey industry. 


Copper values 
weaken 

By John Edwards, 

Commodities Editor 

COPPER PRICES lost further 
ground on the London Metal 
Exchange yesterday, in spite of 
opening on a firm note. The 
cash price for higher-grade cop- 
per closed £11.5 down at £835 
a tonne. . 

A further decline in early 
trading on the New York cop- 
per market (Comex) was pri- 
marily responsible for wiping 
out gains in London earlier in 
the day. Continued selling in 
New York, believed to be mainly 
speculative, has already trig- 
gered off a series of cuts in 
domestic copper prices by U.S. 
producers. Some reduced their 
quotations by 1 cent to 76 cents 
a lb. while others have moved 
down to 75 cents. 


Producer squibbles 
jeopardise pact 


SQUABBLES AMONG the main 
tea producers — India, Sri Lanka 
and Kenya — emerged as the 
main obstacles to a new inter- 
national agreement to sta bili se 
world tea markets at negotia- 
tions in Geneva. Surprisingly, 
Britain and the main European 
tea-importing countries agreed 
last week that producers should 
be allowed to use export con- 
trols to manipulate supplies to 
bolster worid prices. New 
negotiations are planned for 
l ater this year and next year 
at dates still to be fixed. 

European flexibility reflects 
the new found strength of the 
tea exporters who recently 
created a tea producers’ 
association to increase their 
bargaining power. But that 
bargaining advantage may dip 
away in coming months if pro- 
ducers continue to quarrel about 
the manner in which they should 
share export quotas. 

The U.S. remains a dour 
onlooker in the 43-nation talks 
for an International Tea Agree- 
ment sponsored by the United 
Nations Conference on Trade 
and Development 

It has flatly rejected a tea 
agreement which interferes with 
exi sting market mechanisms 
through such means as buffer 
stocks or export controls. 

With 11 per cent of world 
imports, the U.S. position 
carries authority, although it 
has isolated itself from other 
consumers. It insists that export 
controls are impractical because 
of the conflicting interests of tea 
producers. The agreement’s 
focus should instead be on pro- 
moting tea sales, Improving 
quality, reducing costs . and 
sharpening international 

competition. 

Oversupply has dogged world 
tea markets ever since countries 
like Kenya. Indonesia, Malawi 
and Argentina began to boost 
exports, cutting into the 
domination of India and Sri 
Lanka for black teas and China 
for green teas. 

India supplied about 30.3 per 
cent or 242,000 tonnes out of 
total world exports of 798,000 


BY BRIj KHINDARIA IN GENEVA 

tonnes last year while Sri Lanka 
provided 23.8 per cent or 
190,000 tonnes. 

In third place, Kenya so far 
accounts for only 9.3 per cent 
or 75,000 tonnes. But it has an 
ambitious planting programme 
and is fast becoming a threat 
for the two main suppliers, 
especially because its teas com- 
pare very favourably with their 
high quality exports. Kenyan 
growth rankles with the Asians 
also because much of the Invest- 
ment Is controlled by trans- 
national conglomerates such as 
Brooke Bond, whose power the 
Asians have fought long and 
hard to break on their own 
territories. 

To make matters worse, small 
producers like Turkey, and 
some larger ones like Malawi 
and Arg entina, export very low 
quality teas alongside better 
qualities. That allows the 
mainly British packers to pro- 
duce cheap blends using as little 
as 10 per cent of better Asian 
teas, damaging the image of tea 
as a drink and causing 
irredeemable long-term harm 
to the industry. 

Tea producers sought accord 
in Geneva mainly on the use of 
export controls because of sharp 
European opposition to the use 
of buffer stocks to stabilise 
prices. But they did persuade 
the Europeans to allow prepara- 
tion of a study on the feasibility 
of using such stocks as a 
back-up mechanism if export 
controls fail to prevent con- 
tinuous drops in prices.' 


The most Important European 
concession was the decision to 
make price stabilisation the 
planned agreement's main 
objective. Exporters of other 
commodities such as jute, cotton 
and copper have failed to wring 
such a concession from the 
importers in separate negotia- 
tions under Unctad auspices. 

. A reason for European a ccept * 
ance of the producers’ sugges- 
tions was that the burden of 
making the agreement work 
would fall mainly on the 
exporters. 

But dissension among 
exporters arose because Kenya 
feels that India and Sri Lanka 
are trying to hold back its 
industry by telling it to accept 
lower export growth rates than 
it needs to promote economic 
development 

Both Kenya and China are 
trying to change a suggested 
provision calling fbr restraints 
when needed on production as 
well as exports to stabilise 
prices over a period of years. 

They fear that they may have 
to reduce the rate of new plant- 
ing without anything in. return 
from India and Sri Lanka who 
are already so large that only 
cutbacks in existing capacity 
would help to reduce over- 
supply. 

India and Sri Lanka are also 
keen to enforce quality 
standards to prevent “ sub- 
standard teas ” from being sold. 
Canada disapproves saying that 
only harm to health can justify 
prevention of sales. 


Cuba hinders sugar agreement 


THE INTERNATIONAL Sugar 
Organisation's special committee 
on export tonnages has been 
unable to agree on proposals 
for 1983 and 19S4 to put before 
the full meeting of the organi- 
sation which is due to start in 
London today. 

According to delegates Cuban 
insistance orf a higher quota is 
the main cause of the failure to 
reach agreement. Cuba is said 
to want either a larger share of 
the total allocation or an 


increased special entitlement to 
export to Eastern bloc states. ' 
At its regular weekly tender 
yesterday the EEC Commission 
authorised the sale of 38,250 
tonnes of white sugar 
On the London market yester- 
day raw sugar futures eased, 
between £1.10 and £0.50 per! 
tonne lower than Tuesday's 
close. In the morning the. 
London Daily Price had been 
set at £109 per tonne, £3 lower 
than the previous days level. - 




4 ? 


BRITISH COMMODITY MARKETS 

BASE METALS 


COPPER COamNUH) to lose ground on 
tha London Mewl Exchange as Initial 
London buying was foHowed by re- 
newed and hesvy U.S. speculative sol- 
ing which depressed forward mom! to 
£852.5. after 060.5. Load and Zinc 
were well supported with the latter 
finally £425.5 ar.d the former £333. 
Aluminium closed et E555J5 sod Nickel 
C.883. Nervous stiffing saw forward 
standard Tin drop to E7.10O before 
buffer stock support buying encouraged 
a raWy to (7,125. 


3J.O0. Afternoon: Time month s £332.00. 
32.50, 32.00. Kerb: Three month* 
£332.00, 33. Turnover: 11,525 tonnes. 


TIN 

a m. 
Offiolal 

+or 1 pan. 

- iUnoffiolal 

+or 

-t 

High Grad 


£ | £ 

£ 


7030-35 

+7.5i 7000-20 

-n 

3 months 
Stittlem't 

7135-40 

— 2.5, 7125-30 

+5 

7035 

+5 ' — 

— — 

Standard 

7085-30 

+2^1 7000-20 

1-10 

3 month* 

7135-40 

-2^' 7H0J 

-10 

Stittlem't 

7030 

— — j 


Straits Ej 
NewYork 

1628.54 




£557.00. 56.00. S3). Kerb: Three 
months £555.00. Afternoon: Three 
months £554 .00, 54.50. Kerb: Three 
moocha £555.00. Turnover: 8.300 t o nnes . 


NICKEL 

a-m. + or, p.m. 1+ or 
Official | — .Unofficial; — t 

Spot 

3 months 

S 1 ! 

2800-10—50 ! 2815-25 1+10 
2866-7 -61 1 3880-90 +7.5 

1 


COPPER 

aTm. 

Official 

+ or 

p.m. 

Unofficial 

+ or 
-t 

...... 1 £ ' 

£- 

. .-£ . 

£ 


B39.5-4D 

-113 

834.5-5,5 

—11.5 

3 mth» 869.5-70 

-10.5 

864^-5 

—12 

Settlemt 

840.0 

-n.S 

— 

— — 







330.5-1.51-10.75 

825-6 

-ajB 


860.5-1 1 10.75 

855-^ 

—15 


831.6 J-10J 

. 


U.S. ProtiJ 

— 1 — 

•7M1 



Tin— Morning: Standard: Cash £7.020. 
25. three months £7.140, SO, 40. 35. 
High Grade, cash E7.0Q0. Kerb: 
Standar d , time months £7,140. After- 
noon: Standard, three months £7,130. 
7,140. 20. 7.100, 10. 20. 15; 10. 15. 
Kerb: Standard, three months £7.100. 
15. 20, 25. 30. 20 l High Grads, cash 
£7,010, three months £7.125. Turnover: 
2.485 tonnes. 


SILVER 


Amalgamated Metal Trading reported 
that in the morning cash Higher Grade 
traded « E873.00. 72.50, 72.00. 71.50. 

71.00, 70.50, 70.00. 89.50. Kerb: Higher 
Grade, three montha £870.00. Afternoon: 
Higher Grade, Three months £882.00, 

61.50, 61.00. BO. 50, 61.00. 61.50, 61.00. 

62.50. 63.00. 63.50, 64.00. 64.50. Kerb: 
Higher Grade, three month® £863.50, 

64.00. 63.00. 62.50, 63X10, 64.00. Turn- 
over. 26.150 tonnes. 


ZINC 

H.IW. 

Offloial 

+ or 

p.m. 1+ or 
Unofficial] — t 


£ 

£ 

£ 

1 « 


41S-.5 

L x 

415-6 



423.54 

+1 

4233-4 

1+2.5 


415.5 

— 1 

— 

J — ... 

Primwfts 

— 

— 

*3537.76 


1 a-rri. + or | + or 

LEAD 1 Official — |Unoffiaial — t 


£ i £ | £ I £ 

Cash | 521.5-2.6 j+5.75 319.5-M 5 +1 5 

Smontha 334.5 I+3.S331.M.5 [HUB 

Ssttlem'ti 322.5 ,+4 - 

U.S.Spoti — 1 -- 1 

Lead — Morning: Three months 
£334.50. 35.00. 34.50, 34.75. 34 50. Kerb: 
Three months £334.00, 33.50, 33.00, 


Zinc— Morning: Cash £415.00, three 
montha £436.00. 25.00. 25.50. 25.00, 
24.50. 24.00. 23 JO. Kerb: Three months 
£423.50, 23.00. 24.00, 25.00. Afternoon: 
Three months £432.00, 23-00, 24.00. 
Kerb: Three month s 6*23.00. 24X0, 
25.00. Turnover: 8,075 tonnes. 


SILVER 

Bullion 

]+ orj L.M.E. j+or 

per 

fixing 

i — ! p-dl- . ; " 

troy oz. 

price 

■ ] Unoffic lj 


Alumlnm 

ajn. . 
Official 

+ -f r 

p.m. 

Unofficial 

+ or 
— t 


£ 

2 

£ 

£ 


535JS 

-8JS 

532.5-3.5 

+ 1 

3 months 

565-6 

-5J6 

654JS-5 

+1^5 


Ahumgnlum M ooting: Three montha 


COCOA 


INDICES 

FINANCIAL TIMES 


DOW JONES 


May la.May lTMonth ago 

[Year ago 

23B.B1 1339.50 j 244.61 

I 252.55 

(Base: July 1 1952— 

100} 

MOODY’S 


May 18, May 17 Month ago 

Year ago 

1006.6 '1007.8 ! 996.7 

1081.1 


Dow 

Jones 

May 

18 

"W 

Month 

ago 

Year 

aoo 

Spot 

Futr's 

126.04 

127.96 

136.74 

128,16 

125.57 

129.85 

— 


(Bass: December 31 1574—100). 

REUTERS 


May 19 

May 1« 

M*nth ago 

Year ago 

1565.4 

1571.1 1 

1598^ 

1688.6 


(December 31 1931 ™100} 


(Baas: September 18 1331—100) 


COCOA 

Yest'day s 
Close 

+ or 

Business 

Done 

May 

909-11 

-1-5 

911-06 

July — 

942-43 

+?-0 

945-34 

973-60 

1015-999 

1044-30 

1065-55 

®*Pt- 

Dec.« _ 

100507 

1030-31 

1050-55 

1-4.5 

-105 

-1L5 


July 

1070-78 

-11.5 



COFFEE 


r Futures trading: the ^ 
Indispensable aid 1 


gives moredate, more prices, week 


Markrt Report has more] 

_ weekYbugtf funda- J 

menial and technical anaJyses,n3xmne^^ 
option report; plus CCSTdeposftand 
<*jn rates. WhriotherweeWyofesyouaD. ^ 
this indispensable information? 

Send for free copies newt. 

TELEPHONE 01-480 6841. 



C.C.S.T. Commodities UAbrows 

Walstogbam House,35 Sedhingl^ljondcmEC3N4AH. 
Telephone: 01-480 6841.TefeX! 888571., 


ART GALLERIES 


AGKEW GALLERY. 43, Old J»d St, JJJ- 
629 6176. MASTER 

1820. Also late Turner Watffrokmj. 
Until -30 - July. Mon-Fri. 9-3O-5J0. 
Thurs. until 7- 

tnruiTrrw ASSOCIATION, S^j Bedford 
eat Paints of Ixmoon 
and York b Y BRYAN SENIOR- 
GLC “ Spirit of London PrwSWiiiner 
1982. Daily 10-7. Sats. 10-3 
til/ 21 Mw. 


B^T ISH S P AU4TI NGS 1 " i tfol 
7950. Until 22 May. 


COLNAGKf, 14. Old Bond St., W1. 01491 
7408. 19Hi CENTURY FRENOH DRAW- 
INGS until 11 Juott. Mon.-Frl. IP-6- 
Sat- 10-11. 


CRANE KALLMAN _GAJtURY. 178. 
Bramston Rd_ SW3. 01-584 7556. RNnft 
inss and Drawing*, bv RobiB Baring,. 

15 TUer." Moiu-M. 1M. 


today. UntH June 4th Dly- 10-5.30. 
Thurs. 7. Sals. 10-12-30. 


NOW SHOWING. Sculpture — E- Anderson. 
Paintings — I- Anderson. ■ Sewn Dials 
SuenrTCo*ent Garden. Open till 10 pm. 


RICHARD GREEN, 44. Dover St. W1. 
01-491 3277. ANNUAL EXHIBITION OF 
BRITISH LANDSCAPE PAINTING. Daily 
10-6. Sats- 10-1230. 


RICHARD GREEN GALLERY, *. New 
Bond SL. W1. 01-499 5407. EXHIBI- 

TION OF FRENCH PAINTINGS. Daily 
10-8, Sats. 10-12.30. 


THACKERAY GALLERY. 18. ThaC*«UY 
St, Kensington So.. WS. 937 5883. 
BARN HAM— Watarcotoor*. 




A firm .New York close failed to 
encourage a better London opening as 
gains of £8-10 were met by commission 
house selling, repons Drexet Burnham 
Lambert. A further advance in New 
York had Hole impact on London and 
conditions throughout tha afternoon 
were quiet. 


COFFEE 

Yesterday's' 

Close j+ or 

Business 

Dona 


B par tonne] 

May 

1112-14 1 + 1.5 

1122-05 

July 

1111-12 -+7.0 

1119-Cffl 


1081-82 (+12.0-1039-76 


1065-66 +8.0 

1076-65 

January 

1062-65 +7J 
1053-58 1+2.5 


May. 

1040-53 ,-0.5 

— 


Sales: 2,916 (3.733) lots of 5 tonnes. 

ICO Indicator prices for May 18: 
(U.S. cents per pound): Comp, daily 
1979 118.39 (130.14); 15-day average 

GAS OIL FUTURES 

A weak market led to a steady 
increase In prices fuelled by short 
covering in anticipation of military 
action in the South Atlantic, reports 
Premier Man. 

M „ th | Yeat’day'a 1 + or j Business 
Month | qJqjq ; — I Done 


to close 30-35p on wheat and 60-75p 
down on barley. Acfi reports. 


WHEAT 


BARLEY 


jYastard'yi 1 +or .Yest'rd'ys 1 +or 
Mnth ; close | — ! dose • — 


May ..I 120.20 
July .J 122.90 
Sept. I 109.30 


- 111.50 -0.60 


Nickel — Morning: Three months 
£2.870. 60. 55. 67. Kerb: Three months 
EL865. /ttamooo: Three months £2.875. 
-Kerb: Three -months C2JB55. Turnover: 
402 tonnes. 

" Cents per pound. $ MS per kilo, 
t On previous official close. 


Nov_ 

Jam... 

Mar.. 


113.10 

117.05 

120.45 


Silver was fixed 4-4p an ounce 
higher for spot delivery in the London 
bullion market yesterday at 375.4 p. 
U.S. cent equivalents of the fixing 
levels were: Spot 676.0c. up 6.7c: 
three-month 699.9c, up 7c: aix-month 
724.1c. up 7.3c: and 12-month 774.1c, 
op 7.4c. The metal opened st 371- 
374p (673- 677c) and closed at 371-374p 
(663- 672c). 


1-0.55,104.50 j— 0.75 
— 0.56; 108.25 L-0.6S 
-O^O; 112.25 L_o.B 0 
— O.aO! 115.60 j— O.BS 

Business done — Wheat: May 120.20- 

120.00. July 123.00-122.65, Sept 109.55- 
109.30. Nov 1 13:35-113 10. Jan 117.20. 

117.00. March 120.60-120.50. Salas: 167 
lata of 100 tonnes. Barley: May 110.50 
only. Sept 105.10-104.50, Nov 108.80- 
108.25, Jan untradad, March 115.80 
only. Sales: 57 lots of 100 tonnes. 

LONDON GRAINS— Wheat U.S, Dark 
Northern Spring No. 1. 14 per CBnt May 
111.50. June 111.25, July 110 tranship- 
ment East Coast sellers. English Feed 
lob May 122, Sept 113, Oct/Dec 111.50 
East Coast sellers. Maize: French May 
136-25 transhipment East Coast sellers. 
S. African White/Yellow Oct/Dec 66.00 
seller. Barley: English Feed fob Aug 
107. Sept 108.25 East Coast sellers. 

HGCA — Locational ex-farm spot 
pricos. Feed barley: Eastern 114.20, 
E. Mids. 110.10, N. East 112.00. The 
UK Monetary Coefficient for the week 
beginning Monday, May 24, is expected 
to remain unchanged. 


3 months. '367 .25p 1+4.65; 385.90pj+4.M 

6 inonths.i399.60p [+4.95] — 

1 2monthsl4S5.40p I+6.OS1 — I 

IN C - T urnover 103 (59) lots of 

10.000 ozs. Morning: Three months 
3875. 87A 57.2. Kerb: Unitradsd. 
Afternoon: Three months 384.0. 64.5, 
86.0. Kerb: Three months 38 6. 0 . 


RUBBER 


No. 1 | 

| Yest'r'y* J 

3 

0 

1 

, Business 

R-S.S. | 

-° !oMt -1 

close | 

, Done 


! 1 1 



Seles: 319 (167) lots of 15 tonnes, 
1 (16) lots of 5 tonnes. 

Physical closing prices (buyers) 
were: Spot 53.75p (54.50p); June 51.75p 
(52-OOp): July 52-TSp (53-25p). 


SOYABEAN MEAL 

The market opened imchenaed in 
dull conditions, reports T. G. Roddick. 
Prices remained eteady with underlying 
buying Interest closing with smell 
gains. 



Yesterdys 

Close 

+ or 

Business 

Done 

June 

August 

October-,., 
Dee_ 

£ 

per tonne 

156.10- 36.2 
1S5J045.6 
136.00-56.1 

159.10- 56.5 

+ 085 

tO.70 
+ 1,10 
+ 1JI5 

155 RO 

136.60-54.90 

156,00-56,0 

159.0B-58J* 

Feb_ 

141^0-42.5; + 0.75 

April 

143.00-44^1 + OJJfi 

— 


Sales: 160 (162) tots of 100 tonnes. 

Soyabean Oil — The market opened 
USS2 higher and remained steady on 
trade buying closing on highs. Closing 
prices (USS per tonne): Aug 523.00- 
527.00: Oct 531.50-529.60: Dec 535.00- 
535.00. Turnover: 69 (36). 


Tate and Lyle delivery' price for 
granulated basis white auger was 
£274.00 (same) a tonne fob tor home 
trade and £214.50 (£218.00) for export. 

International Sugar Agreement (U.S. 
cents per pound) fob and stowed 
Caribbean ports. Prices lor May 18: 
Daily price 7.90 (7.B9); 15-day average 
8.41 (8-47) , 


WOOL FUTURES 

LONDON NEW ZEALAND • CROSS- 
BREDS — Close (in order: Buyer, seller, 
business). New Zealand cents per kg. 
May 385. 385. nil: Aug 390. 393. 333; 
Oct 402, 405. 405; Dec 407. 410, 409- 
408: Jan 409,-411, 411-408; March 419, 
420, 420: May 426. 530. nil: Aug 438. 
441, nil; Oct 441, 444, nil. Sales: 21. 

SYDNEY GREASY WOOL— Close (in 
order: buyer, seller, business). Aus- 
tralian cents per kg. Mey 546.0. 

5500, 560.0-545.0: July 546.0 buyer 

only. 548-0-545.0: Oct 525-0. 525.8. 

525.8-524.0; Dec 530.0, 532.0. 532.0- 
530.0; March 534.0, 535.0, 534.0: Mey 

539.0. 540.0, 540.0-537.0; July 545.0, 

548.0, 545.0-544.0: Oct 543.5, 547.0. 

544.0-543.0. Seles: 116. 


COTTON 


LIVERPOOL — Spot and shipments 
sales amounted to only 10 tonnes. 
Spinners ramjinod cautious in 
assessing their requirements- and were 
unwilling to operate freely. In the 
meantime, many users preferred 10 
avoid heavy commitments, inquiry 
being in specialist qualities. - - 


The London physical market opened 
easier, 'attracted little physical interest 
throughout the day and closed uncer- 
tain. Lewis end Peat recorded a 
May fob price for No. '1 RSS in Kuala 
Lumpur of 207.00 (same) cents a kg 
end SMR 20 179.5 (188.5). 


POTATOES 


SUGAR 


»U-S- i 

. [per tonne; 1 

May : 305.75 -a- 6JU : ^6JB0-9a JBI 

June. 297.75 :~5.50237.7W9.75 

July J 293.00 : -rA.Ofl 234JI8-87 JJO 

August * 292,25 >3jnT285J087^a 

Sept. j 295.00 . + 3J0284JJ082.03 

Oct r 295.00 1 + 2.80 295 JiO-84 Jifl 

Nov * 295.75 +1.75. - 

Deo. _! 299.75 . + 1.75; — 

Jan 302.00 +5.P& - 


LONDON DAILY PRICE — Raw sugar 
£109 JIO (£112.00) a tonne cif May-June- 
Joly shipment. White sugar daily 
priea £140.00 (£143.00). 

Small losses were again recorded 
et the opening but thereafter the 
market made steady gains with the 
highs of the d2y registered at the 
close, reporred C. Ctamikow. 


Turnover: 1.864 (1.821) lots of 100 
tonnes. 


No. 4 jYesterday 

.1 

Previous ] 

Business 

Ccn- 1 close 

close 1 

done 

tract 




GRAINS 


The market opened unchanged to 
lOp up on aid crap end lOp up on new 
crap. Old crops eased with tha new 
but recovered daring the afternoon 
bbbb ton. New craps found *om» hedge 
s«Uing which Based tha market down 


£ per tonne 

AUP -...'n7.8D-18.Wr 1 tt.S0-17.7B;tt8.1IM5JM 
Oct.-...! 12S ,OO-2iJ0: ia^0-22.7B I2S.05-a.50 

Jan |fM^5-77^fl;i2SJ»-27JHJ - 

March 155J0-S5.60Jli5.ewX.B5 1S5.883SJ0 


May—.. 138.36-38^0; 73B.W-37.0fl 
Aug— JHUUM3J0] 140.6042.5(1' 
Oct-.J H4 JJ0-4ltei14B J0O47 JO 


157.26-56.00 
139 JO 


Silas: 2.727 (1,697) lets of 50 tonnes. 


LONDON POTATO FUTURES— The 
market remained quiet, gruduoily 
easing, with prices closing generally 
weaker, repons Coley and Harper. 
Closing prices: ftov 64.70. —0.50 (high 
65.40. low 65.00): Feb 7430. -0.30 
(high 74.50, tow 74.10); April 85.60, 
-0.7 (high 86.50. low 85.60): May 
97.60. -0.80 (high 98.20, low 37.30). 
Turnover: 185 (245) lots of 40 tonnes. 

MEAT/ VEGETABLES 

SMITH FI HD — Pence per pound. Beef: 
Scottish killed sides 82.0 to 863: Ulste 
Hindquarters 97.0 to 102.5, Foreqoarters 
55.0 to 59.0. Veal: Dutch Hinds and 
Ends 119.0 to 124.0. Lamb: English 
Small 82.0 to 90.0. Medium 82.0 to 
86.0, Heavy 76.0 to 80.0! Imported — 
New Zealand PL 62.0. to 63.7. PM 62.0 
to 625. PX 615 to 62.5. YL 59.5 to 60.5. 
Pork: English, under 100 lb 37.0 to 55.0. 
100-120 lb .42.0 to 53.5. .120-160 lb 39.5 
to 50.5. 

MEAT COMMISSION— Average fat- 
stock orices et representative markets: 
GB— Cattle 101 .14p per kg Iw (-2.38). 
UK — Sheep 18 2 .58 p per kg est dew 
(-22.16). GB— Pigs 75.17p per kg Iw 
(-2.33). 

(S1IMSBY FTSH— Supply good, 
demand good. Prices at ship’s side 
(unprocessed) per stone: Shelf cod 
£4.00-£4.50, codlings O.QO-K.OO; large 
haddocks C4.00-C5.00. medium £3. GO- 
ES -20. small C2.60-C3.20: large plaice 
E5.5Q-f5.20, medium E4.50-E5.80. best 
9mall £3.70- £4.60- large skinned dogfish 
£5 50. medium £5.00; targe lemon sole 
£8.50, medium C7.S0: rockfish £2.00- 
£2.80; saithe £2.E0-£270. 

COVENT GARDEN — Prices lor the 
bulk of produce, in sterling per pack- 
age except where otherwise stated: 
Imparted Produce: Orangos— Cyprus: 
15-kg Valencia Late? 3. 20-6. CO; Jeffs: 
20-kg Valencia Lares 56 6.25, £9 6.25. 
75 6.25. 8S 5 .85, 105 5.50. 123 4.65. 
144 4.50, 168 4.50; Moroccan: 16-kg 
Valencia Lates 48/1T3 4C0-6.5O; Sparwa; 
Valencia Lares 6.00-6.40. Lemons — 
Spania: traye 5-kg 40/50 1.49-1 JO; 
Jaffa: 16-kg 80/123 400-5.09; Outepen: 
15Vkg 80/180 4.50-6 l 40: Italian: TC0/120 
3.5OU..00. Grapefruit— U.S.: 18/17-kg, 
Florida Ruby 8.50: Cyprus: smaN' 
canons 17-kg 3.20-5.00: Jafla: 20-kg 27 
4.25, 32 4.45, 36 4.45, 40 4.B5. 43 
4.95, 56 4.85. 64 4.75. 75 4.50, £3 4.00. 
Apples— French: Gofden Dehcious 9-fcg 
5 5G-6.00, 18-kg 10.CO-11.09, Surk- 

errmson 10.00- T1 .50: New Zeeland: 
IS-fcg Cox's Orange Pippins 16.00, Red 
Delicious 11.00-12.00, Golden Delicious 
70.CO-12 .OTt Chilean: 18-kg Granny 
Smith 11.00-12.00: S. African: Granny 
Smith 12.00-12.50, Golden Delicious 

12.00- 13.00, Srerkcrimeon 11.00-12.50; 
U.S.: 18-kg Red Delicious 9.00-14.00. 
Pears — S. African: 15-lcg Packham's 
Triumph 10.50-11 .50, Comice 54-lb 

11.00- 12.00, Beurre Bose 9.00-10.20; 

ItaLan: Per 1b Psssacnssehe 0.14-0.16. 
Pe«h«— Israefi: . 13/2 7 3.00-2,60. 

Grapes— S. African: Barilnka 6.00; 
Chilean: S-fcq Thompson 8.20-9.00. Red 
Emperor 6.00. Aimera 7.80-8.00, Ribier 
8.00. Strawberries— Spanish; B-oz 0.30- 
0.35; Italian: 3-cz 0.35; Belgian: 0.40. 
Ow r rfe »< S panish: P»r fb 0.90- U.S.: 


PRICE CHANGES 

In tonnes unless otherwise stated. 



May 19 
19B2 

r— 

; +-or 

Month 

ago 

Metals | 

Aluminium 

£810.815 

1 

-1 

! 

£810/815 


Coppor j - . . I I 

Cash h srade.„j£835 '-1 l^£8S.S 

3 piths £864.75 — 12.0888&.26 

Cash Cathode j£885.5 '-18.5 £354 

3 mths ,£855.£5 ,-12.0 £383 

Gold troy OZ ..J, *342.6 .+5.25 8343.5 

Lead Cash £320 |+1.5 £326.5 

3 mths fe332 +0^6 '£3 3 0.7 6 

Nickel „..„yB3974 I L£3926 

Free mkt. |235/266e- |24S/275c 

Platin' mtr oz'y £260 !s260 

Freemkt. :£176.80 1+1JKX187.15 

Quicksilver! ... *360/375 '6370/380 

Silver troy or... S75.40p : +4.40406.55p 

5 mths. .387.25^ 

Tin Cash |£7010 

3 mths £7127.5 

TungstenIS.0 lb[$109.01 


Other — |- 
commodltlesl 
Cocoa shlp't* »£972.5 
Future July 
Coffeo Ft' July 
Cotton AJndex 
Gas Oil June.... 

Rubber (kite;... 

Sugar iRawi.... 
Woolt'psMakL 


+3.0 '£997 


£942.5 +3.0 £940 

£1111.5 +7.0 2X134.5 
76.35o -O.W 71,25c 
5297.76 +6.5 S279.75 
5o.75p — 0.7B 56.5p 

£109u -3 £126 

397p kilo pJlpkilO 

In tonnes unless otherwise stated. 
t Unquoted. v June. u Ju no-July, 
t Per 761b flask. * Ghana . cocoa, 
n Nominal. § Seller, b Mey-June-July. 


1.50. Melons — Senegal: Cherentais 7/12 
7.C0-S.CC: Chilean: 15-kg Whne 5 00- 
6. SC; Guatemala: 10-kg V/hke 5.50-6 00: 
Soenrsh: GbIib 3.00-4.00. YeHow 10-kg 
6.03-6.50. 

English Produce: Potatoes— Per 55-lb, 
Whne 4.50-5.00. Red 4.80-5.50. King 
Edwards 5X10-6.50. Per lb new 0.20- 
0.25. Mushrooms — Per ib, open 0.50- 
0.60. closed 0.60-0.80. Apples — Per 1b, 
Bra m ley 0.20-0.34. Let t u ce - Per 12. 
round 1.20-2.00. Coe 10’s 3.00. Onions 
—Per 55-lb 40/SOmm 2.50-3.50. Spring 
onions— Per bunch 0.08-0.12. Spring 
c a b b a g e - -P ot 25-16 3.00-4.00. Carrots — 
Per 26/28- fb 2.00-4 .00. Beetroots— Per 
28-lb. ipund 1 .00-1 JO. long 1 .20. 
Rhubarb— Per Ib. outdoor 0.05-0.10. 
Leek s Pe r 10-lb 1 .20-1 .50. Parsnips — 
Per 2S/28-lb 1.20-1.60. Cumcvmbers— 
Per package 2.70-3.40. Greens — Per 30- 
ib Kent 2.00*3.00. Tom aloes — Per 12-lb 
box D/E 4.20-4.60. Cauliflowers — Per 12 
Kent 3.20-4.50. Asparagus — Per Ib 0.70- 
1.50. Strawberries-— Per 8-ox 0.40-0.60, 
4-oz ’ 0.20 -0.30. Raspberries — Per 4-oz 
pack 1.50. Celery— Per 12/20 5GD.6.C0. 


HIDES — Leeds: Tha weaker market 
conditions of the past lew weeks con- 
tinue to persist. Second clears. Ox: 
3l-35.5kg, 5Sp a leg withdrawn (61.3): 
26-30.5 kg. 66p e kg withdrawn (58.0); 
22-25.5kg, 76j> g kg (78.1). Light tOwS: 
25.5kg, 68p e kg withdrawn (71.5). 


GOLD MARKETS 

Gold rose $5} an ounce from 
Tuesday's close in the London 
bullion market yesterday to 
finish at S342-343. The metal 
opened at S339}-340i and traded 
between a high of $343-343} and 
a low of $339-339?. 

In Frankfurt the 12i kilo bar 
was fixed at DM 23,603 per kilo 
($344.03 per ounce) against 
DM 25,275 (S33S.9S) previously 
and closed at S341-342J against 
$3372-3385. 

In Parts the 12? kilo bar was 
fixed at FFr 67.000 per kilo 
($345.16 per ounce) in the morn- 
ing compared with FFr 66,250 


($340.90) on Tuesday afternoon. 

In Luxembourg the dollar per 
ounce equivalent of the 124 kilo' 
bar at the fixing was $339.75 
against $336.75. In Zurich gold 
finished at $341-344. 

LONDON FUTURES 


Month 


lYett’rday’a -f-or . 
; close ! — • 


Business 

Dona 


per troy 
ounce I 

August...., | 195.ffl-flS.00'+4.725' TBS.S04EL7D 
Sept' mb' r 137.63-9B.M +6J50 — 

October... 1 195.75-99.30+5.1150' 159^0-98.45 
November! 201 .55-0 1.7G-+4.BS0' 201.70-0035 
Turnover. 1,006 (834) lots - of 100 
troy ozs. 


May 19 


May 18 


; +4.63 420. 05p 
1—10 [£7147.5 
+ 5JJ {£7372.5 
1 + 2.3 {$114.29 


Gold Bullion (fine ounce) 


Close 1S542-343 f£ 190- 1901*1 

Opening „,S339i»-340]» (£137i<-187^i 

Morning fixing -.13348.75 (£189.71 1> 

Afternoon fixing] 5542 (£189.916) 


Woffrm!2.4HlbS|S1D8/11S I S1B2/107 

Zinc Cash.^_. j£415.5 +1.6 £423.5 

3 mths £423.75 +2.6 £424.25 

Producers. „.i$860/9Q0|„ $860/800 

Oils I 

Coconut (Phil) 8510u S506.5 

Groundnut §635u [— 5 ; 

Linseed Crude t $ . 

**alm Malayan S510v 5505 

Seeds I 

Copra Ph lip _.'S335u :$330 

Soyabean (US,)\$276£5 + 1J5;$271J25 
Grains I 

BarleyFut. Sep £104.50 -0.7B|£103.50 

Maize 1 i£135.5 

Wheat FutJuly £122.90 £122.65 

NoJZHardWint J j * 


Gold Coins 


Krugerrand— — ;£352L;-353 

1/2 Krugerrand. ..>18118-10212 
1r4 Krugerrand... 1 §921^-9312 
l.'W Krugerrand >3744-383* 

MaplBieaf — j$551 la -352 12 

New Sovareigns.iSb2iz-83 
King Sovereigns .^96-97 


Victoria So vs 

French 20s.. 
au pesos Mexico' 
J Ou Dor. Austria. 
62u Eagles 


>96-97 
^711* -811* 
S419^*-422 1* 
S333V3361; 
$432-438 


(£19614-1963* 
(XlOl-lOUkj 
i£51l«-52i 
l£21-311 2 ) 
(£19534-1961*1 
(£4646 <4 1 
(£33l*-533*) 
l£531* 63 $ 5 j 
(£ 45l*-50l«) 
(£23334-2561*1 
(£186-287 U) 
(£240 1£ -244 j 


5336S*-3373« 

8335i 4 -336la 

S337.50 

&33B 


!33461*-347 

S178l*-179T* 

59034-913, 

§37-58 

&345i 4 -3463 4 

.6Blls-82 

695-96 

1895-96 

$70-80 

$412i*414J* 

$430455 


(£186-1861=1 
(£18512 186) 
(£186.981) 
(£187.050} 


(£190:4-19114) 
r£98l*-9B:*)' 
(£50-501=) 
(£20l=.21) • 

[£190i2- 19 1> 
(£45451*) 
l£52l=-63) 
i£52i2-53) 
(£381=44) 
(£22714-2281=) 
(£180> ; *-182 1*) 
(£237.239:*) 


AMERICAN MARKETS 


NEW YORK. May 19. 
PRECIOUS METALS were sligntly lower 
on the Fa&iends ensis end the poten- 
tial lor the federal reserve to ease in 
its monetary pokey. Copper deckned 
sharply on heavy liquidation and arbit- 
rage seating. Cocos attracted hght 
short covering on Soviet inquiry and 
lock of origin setting. Co non aitr-Jcied 
commission house short covering alter 
failure to follow through on recent de- 
clines. Sugar strengthened sbgtaly on 
evidence of light physical interest deve- 
loping. FoMow-througli technical sell- 
ing weakened the pork complex while 
cattle ware mixed to higher on good 
cash demand. Light trade and local 
buying rallied heating oil ohaad of to- 
morrow's OPEC meeting and expecta- 
tions lor further drawdown on product 
stocks in the American petroleum insti- 
tute weekly statistics, reported HeinoJd. 

Copper— May 05.90 (68.40). June 
67.67.20 (68.73), July 63.15-68.40. Sept 
69.90-70.15. Dec 72.33-72.70, Jan 73.30. 
March 74.90. May 76.70. July 78.00, 
Sept 79.55, Dec 82.10, Jan 83.05. March 
84.20. 

■Gold— May 341.2 (340.8), June 342.0- 
343.0 (342.1). July 348.1. Aug 349.0- 

350.2, Oct 358.2. Dec 365.3. Feb 372.9. 
April 380.9. June 389.1, Aug 397.4, 0« 

405.3. Dec 4.14.3, Feb 422.8. 

Orange Juice — July 121.00-121.10 
(121.80). Sept 123.80-124.10 (124.65). 
Nov 125.30-125.40, Jan 12S.50-12fi.70, 
March 127.85-123.00, May 123-20-129.40. 
July 130.55-130.80, Sept 131 .80-1 32J0. 

Potatoes (round whites)— Nov 78,1- 
78.5 (79.0), Feb 87.5 (87.5). Marsh 
90.9. April 105.7-105.9, Sales: 123. 

^Silver— May 6S9.5 (670.7) . June 

572-3 (673 j). July 679.0-E81.0, Sept 
885.7. Dec 722.0, Jan 723.9, March 
748.5. May 7S3.1. July 779.7, Sapt 735.3. 
Dec 821.3. Jen 829.6, March 845.2. 

Sugar— No. 11: July 8.12-8.14 (8.07). 
Sept 8 40 (8.33). Oct 8.59-6.60. Jan 
8.94. March 9.89-9.70, May 9.97. July 
10.15-10.20, Sept 10.25. Seles: fio. 


. CHICAGO. May 19. 

Lard— Chicago loose 23.00 (22.50). 
Live Cattle— June 72.97-73.05 (72.82) 
Aug 67.20-67,15 (67.32J. Oct 64.12- 
64.23. Dec 64.27-64.20. reb 63.82, April 
64.10. June 64.90. 

Live Hogs— June KL20-GL10 (62.37), 
July 62.25-62.40 (62.50), Ana 60.30- 
61.03. Oct 57.50, Dec 57.50, Feb 53.30, 
April 50. £5. June 51.80, July 52.00. 

. . j Waizti— Mey 263^ (same), July 
279-2791J (273), Sept 2814. Dec 2S5V 

2251.. 238^ May 305?,. 

Pork Bellies— May 87-25-87.30 (88.85). 
Jy'F t 87 - 25 )- Aug 83.12- 

S3.12. Feb 75.00-75.20. March 75.60. 
Mjy 74.60. July 75.3o-73.65. Aug 74.75. 

t Soya beans — May 6E0-6S2 (662 s ,). 
July 672-6711, (670*0. Aug 676V677^, 
Sepi 678, Nov G82>,-6314. Jan 
March 710. 

flSoysbean Meal— Mey 189.0 (190.4), 
July 191.7-191.9 (192.0), Aua 192i- 

193.0. Sept 194.5-134.0, Oct 135.3-194.8. 

Jan 200 5 - 

204.5-2(£.5, May 207.8-208JL 
Soyabean Oil — Mey 21.71-20.73 
(20.63), July 21.15.21.14 (20.93), Auq 
21.^. Sapt 21.58, Oct 21 .72. Dec 22.04- 
22.0 d, Jan 22.25. Marsh 2255-22.60. 
May 22.80-22.83. 

tWbeK— May 354 (352). July 3S3SE- 
366*« (364 3 b). Sept 281. Dec AOI'r^OIV. 
Msrrit 417*2. May 424. 

V/1NNIPEG. May 18. 
SBaritiy— May 127.10 (127.40). July 
128. 10-128 J2D (127 JO). Oct 123.50, Dec 
127.50, March 129.50. 

SWheEt— SCWRS 13.5 per cent pro- 
IS)™ 1601 aI Sl ' ^ awrenc ® 221.99 

Ail Cents per pound ex-warehouse 
unless otharwire stated. * 5 per trey 
^ Cents per troy ounce. 
tt Cents per 55-lb bushel. f Genre 
P^r ES-lb buahel. (J S per short ten 
*..vtj lb). §SCan. per metric ton. 
§5 S per 1.C09 sq ft. 4 Cents 
dozen. ttS per metric ton. 


per 


EUROPEAN MARKETS 


■ROTTERDAM. May 19. 
Wheat— (U.S. S per tonne). U.S. 
No. 2 Dark Hard Winter 13.5 per com 
fob Ghetit 2)1. U.S. No. 2 Red Winter 
May 159. U.S. No. 3 Amber Durum 
May 183. June 183. July 183. Aug 184. 
Sept 187. Oct 190, Nov 193. U.S. 
No. 2 Northern Spring 14 por cent May 
184, June 181.50. July 179. Aug 179. 
Sept 180.50. Oct 184, Nov 185.50. 

Maize— (U.S. S per tonne): U.S. 
No. 3 Yellow afloat 132.50, May 132.50, 
June 131.25, July 132, Aug 131.50, Sept 
131, Oct/Dec 130-50. Jan/March 138 
sellers. 

Soyabeans— (U.S. S par tonne): U.S. 
No. 2 Yellow Gulfporu May 270 7* 
June 270. July 270.75, Aug 272.50. Sent 
273, Oct 267.60. Nov 267.60. Dec 272, 
Jan 277.50. Feb 281, March 284 sellara. 


Soyamea! — (U.S. S per tonne): 44 
per cent afloat 241-246. ci! Amsterdam 
244. cif Rotterdem traded Mey 235 
Juno 225. June, Sept 235.50, Now, 'March 
245 sellers. Pellets Brazil afloat 2j3- 
256.50. ci! Ghent traded afloat 253. May 
246. June/Sept 246.50. Nov/March 261 
sellers. 

PARIS. May 19 

Cocoa— (FFr per 100 fc S ): May 970- 
985; July 1015-1039; Sept 1061 -ICE; 
Dec 1100-1110; March 1142-1158: May 
1175-1185; July 1205-1215. Sales at 
call; 4. 

Sugar — (FFr per tonne): July 1490- 
.1510: Aug 1502-1506; Oct 1475.1484; NOV 
1475-1485: Dec 1485-1490; March 1=70- 
157E: May 1610-1820; July 1650^1 £60, 
Salas at call: 8, 


Tuesday's closing prices 

NEW YORK, Mey 18. 
Coffee—” C " Contract: May 132,50- 
nSSW). July 123.Sfi-124.10 
, Sem 117.60-117.99, Dec 

mra-ii/a™ 

Cotton — ■ No. 2; July 66.&1-EB87 
(6^77, Octte.^ (B8.77), DoTtS!- 
71^5, March 73.00-73.01, Mey 7410. 
74.50, July 7S.10-7S.50. 0=t 76.10-78^ 
Orange Juice— July 121 .£0 M2D251 
(123.90). Nov 125.85-123.001 
^ March 128.50. May 12980. 

ir’S' Ju y 13l - 1CMa l' 20 * Sept 122.40, 

CHICAGO. May 18. 
lmr ? Gold— June 242.0-242^ 
(ps.2). Sept 353.1 (347.1), Doc 365 , 0 , 
March 375.5. June 387.3, Sept 339JL 






3S 


Financial Times jl hursday May 20 19S2 


CGEnpaales and Markets 


NEW YORK 


Stock 


ACF Industries... 

AMF 

AM Inti 

ARA. 

ASA- 

AVX Corp 

Abbot Labs 

Acme Cleve 

Adobe Oil & Gas 
Advanced Micro 
Aetna Life & Gas 
A>i man son <H,F.) 
Air Prod &Chem| 

Akzona.., 

Albany Int. 

Alberto-Culv. 

Albertson's 

AlcanAluminium' 
Alco Standard....’ 
Alexander &A1 ' 

Alegheny Int ■ 

Allied Corp 

Allied Stores I 

Allls-Chalmers,...] 
Alpha Portd. — ..j 


M ay j May 
18 | 17 


56*4 

18 

14 

273b 

ss?a 

19Ss 
31 
20 
20i 2 
25 
40 la 
Ida 
S4Sg 
fli, 
26Sfl 
13 1 « 
28 >« 
185r 
216a 
26l 9 
23 
35»a 
28T B 
143) 
103) 


37 >a 
18 
!>• 
27 
333 q 
IDE s 
307 S 
20 
191a 
26 
40 Is 
11 

36 
97 B 

2640 

I3fia 

28»s 

IS 

22 

37 
2338 
35 
2S7e 
146? 
101) 


Alcoa ; 

Amal. Sugar 

Am. ix 

Amdahl Corp 

Amerada Hess.... 

Am. Airlines > 

Am. Brands. I 

Am. Broadcast'^: 

Am. Can 

Am. Cyan amid. ...| 
Am. Elect. Powr.; 

Am. Express 

Am. Gen. I nance, 1 
Am. Holst & Dk...! 
Am. Home Prod.,1 
Am. Hosp. Suppy 
Am. Medical Inti. I 

Am. Motors | 

Am. Nat. Rescee.> 

Am. Petflna i 

Am. Quasar Pet..] 


246« 

454s 

254a 

2140 

20/0 

1618 

407) 

361a 

263) 

SB 

1678 

46U 

40 

14 

36ia 

441) 

226) 

34s 

544s 

591) 

106g 


251a 

45S0 

255o 

2110 

211) 

1750 

4Us 

361b 

27 

20Sn 

17 

463b 

40 

14 

365s 

461) 

225s 

33« 

34ia 

60 

107 a 


Am. Standard... 

Am. Stores 

Am.Tel.&Tel.... 

A mete k Inc 

Amfac 

AMP 

Amstar 

Amstead Inds... 
Anchor Hockg,. 
Anhcuser-Bh .... 
Archer Daniels. 
Armco.._ 


26U 

383) 

543s 

2770 

211c 

i M 

I 223) 
| 245, 

I 1540 
1 473* 
151c 
1530 


| 26 >4 

4QT0 
I 64 Jg 
I 281) 
221 B 
1 545) 
I C2i z 
| 246s 
I 155s 
i 475, 
i 1548 
18ia 


Armstrong CK-...f 155) 

AsameraOil 8Sa 

Assrco 21 ig 

Ashland Oil 241* 

Assd. D. Goods....; 514) 

Atlantic Rich ' 41 is 

Auto- Data Prg.... 

Avco 

Avery Inti 


253 a 

174s 

251b 


15«s 

850 

£010 

251a 

32‘s 

4Ua 

253b 

17i 2 

253s 


Avnet 1 

Avon Prod 

Baker Inti 1 

Eaft Gas ft El 

Can Cll ; 

Ecnccr Punta ... 
Bank America ... 

Bank of N.Y I 

Ban tcers Tsi N.Y.j 

Barry Wright 

Bausch & Lomb. 
Baxt Trav Lab.... 
Beatrice Foods...| 

Befcer Inds 1 

Bell & Howell ...I 
Bel! Industries ...I 

Eendix 

Beneficial I 


47 

253s 

3170 

26ls 

194 

17l S 

1810 

403q 

50 

157a 

444 

556s 

19 
6 

20 
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52 
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48 
25 ig 
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41 Ig 
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447g 
35 
19i« 
6 

2050 

17l B 

£2 

1860 


Beth Steel • 

Big Thee Inds i 

Black & Decker..- 

Elock HR 

B ue Beil 

Boeing. ; 

Boise Cascade..,. 

Bcrden 

Borg Warner ! 

Srar.iff Inti 

Ericgs Strath ..... 

Bristol-Myers 

B? 

E rockway Glassy 
Brown Forman B| 

"Brown Grp 

Brawn & Sharp. 
Browng Ferris.... 
Brunswick 


SOia 

22 

14 1) 

301a 

241) 

19 

274 
32 k: 
234 


26ta 

541g 

226g 

147a 

56 

323g 

16 

32 

184 


2010 

224 

144 

303) 

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£74 

334 

283; 

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26ig 

547b 

2260 

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361c 
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16 
323) 
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Bucyrua-Erla j 35 

E-j.-lington lnd...i 22*) 

Burlington Nrthn; 494 

Eurndy 

Burroughs 

CSi !nda 

CES 

CPC inti 

CSX 

Campbell Red Li 

Campbell Soup...! 

Campbell Tagg 

Canal Randolph. 

Can. Pacific 

Carlisle Corp 

Carnation 

Carp Tech 


1830 

353, 

344 

424 

36 4 

42 

lira 

3572 

£530 

27 4 

224 

24 

314 

364 


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lei, 

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4330 

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423. 

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364 

234 

27 

227 B 

241) 

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Carter Hawley... 

Caterpillar 

Celanese Corp... 

Centel ...i 

Centex 

Central ft Sw...... 

Central Soya. 

Certain-teed 

Cessna Aircraft..- 

Champ Home Bid 

Chamo Int ! 

Champ Sp Plug ' 

Charter Co J 

Chase fv'^nnatt'n 

Chemical MY ) 

Cheese Por.cf { 

Chicago Pneum.y 

Chrysler •. 

Chubb 


14 
40 S B 
52 4 
32 4 
22 l S 
16 
Ills 
1178 
173* 
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134 
850 
9lg 
483« 
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56 
1450 
630 
433, 


1418 

404 

54 

514 

224 

16 

1130 

1170 

18 

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13-) 

830 

930 

52 

M]» 

364 

147a 

61" 

435, 


Cigna ! 

Cincinnati Mli ....< 

Citcoro 

Cities Service I 

City Invest 

Clark Equipment 1 

Cleve Cliffs Iron.! 

Clorox 1 

Ciueltt Peaby ....! 

Ccca Cola 

Colgote Palm .....I 
Collins Alkman.,.1 
Colt Inds 


43 

22ij 
257, 
36is 
233) 
214 
25 4 

1538 

163* 

533r 

173* 

125.3 

264 


424 
224 
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354 
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214 
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1578 

164 

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Stock 


May ! May 
18 ! 17 


Columbia Gas —i 3| 
Columbia Piet.... M4 WJ* 
Combined inf... 22 884 

Combustn- Eng.. 284 | |B4 
Cmwtth. Edison. 22 j 22 4 
Comm. Satei/te-i 63*8 f 623 4 


Comp. Science— 
Cone Mills..,..,.— 

Conroe 

Cons. Edison...... 

Cons Foods 

Cons Freight 

Con.Nat.Ga3 


Conumer Power 175) 


Cent. Air Lines...! 
Conti. Corp 
Conti. Group — .y 

Conti iliionls 

Conti. Telsp 

Control Data 


12is 

214 

25 

36Sfl 

344 

377b 

4738 


41s 

2650 
26 •ti 

2B1 b 

16 

275a 


124 

314 

25 
363b 
34 Ij 
384 
484 
173, 

41 2 

26Tb 

2830 

285* 

26 
28 


Cooper Inds j 33 

Coors Adolph-... 124 

Copperweid 24 

Corning Glass .—I 484 
Corroon Black.... 19 s ) 
Cox Broancast'g- 314 

Crane j 244 

Crocker Nat I 387s 

Crown Cork I £470 

Crown Zell 304 

Cummins Eng [ 57 la 
Curtiss-Wright...; 444 

Damon } 70s 

Dana - 2850 

Dart & Kraft 63 

Data Gen I 315a 

Dayton -Hu dson ..] 35 

Deere- 277 b 

Delta Air 33 

Denny'B - ■ 234 


3430 
1830 
24 
485b 
20 
3110 
25i e 
29 
251* 
21 
374 
4450 
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29 
S3 la 
307 a 
36 
28 4 
321s 
244 


Dentsply Inti I 244 

Detroit Edison.... 124 

Diamond Inti 404 

Diamond Shank-’ £04 

DIGiorgio « 93* 

Digital Equip I 774 

Dillingham ! 11 h 

Dillon —I 22 Sa 

Disney (Walt) 564 

Dome Mines ! 104 

Donnelly (RR) : 437g 

Dover Corp I 24 

Dow Chemical ...| 2270 

Dow Jones j 46 

Dresser. £l T s 

□r. Peeper 13 

Duka Power £2 

Dun & Brad < 68 

Du Pont - ' 354 

EG & G i 174 


244 
124 
I 404 
i 304 
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| 761) 
114 
! 22 4 
| 56 
. 1058 
• 44 

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454 

22 

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22 

I 68 s ) 
. J5S* 
i 171) 


Easco . — I 

Eastern Airlines., 
Eastern Gas ft F.l 
Eastman Kodak..! 
Eaton I 

Eckherd Jack-... 1 
Electronic Data.; 
Elect Memories. 1 

El Paso 

Emerson Elect- 
Emery Air Fgt. ... 

Emhart 

Engelhard Corp..! 


194 

6 

204 

734 

E9ra 

131* 

195* 

274 

34 

214 

444 

9 

341* 

224 


1B7b 
64 
204 
734 
504 
137 S 
1970 
274 
35* 
23 
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94 
, S3 
223, 


Enserch- ' 

Esmark I 

Ethyl. i 

Evans Prod j 

Ex Cell O i 

Exxon ; 

FMC 

Fabarge.- j 

Fodders 

Federal Co. ; 

Federal-Mogul....; 
Fed. Nat Molt....] 
Fed. Pane r Brd... : 
Fed. Resource*..; 
Fed. Dep. Stares 

FleWcrest Ml 

Firestone 

1st Bank System 
1st Charter Fln-| 


2H* I 
464 
194 
104 
234 
284 
26 • 
2070 j 
3ia ; 
227a 
214 j 
104 
234 
14 
431* 
241* 
114 
324 
11 


213* 

46 

197a 

11 

24 

28&a 

264 

20 

37a 

227a 

214 

104 

234 

14 

43 

243* 

114 

325, 

107a 


1st Chicago ! 185* 

1st city BankTex; 26** 
1st Interstate £84 


1st Mississippi.... 104 


1st Nat Boston... | 251* 

1st Penn ' 3S| 

Fisons 

Fleetwood Ent... 

Flexl-van 

Florida Pwr ft L.. 

Ford Motor 

Foremost Mck.... 

Foster Wheeler... 
Freeport hlcM.... 

Fruehauf ] IB4 

GAF 124 

GATX - I 274 


if 

175* 

33 

234 

33 

131a 

19 


194 
274 
284 
104 
25 
37* 
54 
137a 
174 
334 
234 
33 
13 4 
184 
184 
124 
274 


Gannet ! 

Gelco ! 

Gen Am Invest...- 

Gen Cinema | 

Gen Dynamics ...1 

Gen Electric • 

Gen Foods I 

Gen Instruments. 

Gan Mills 

Gen Motors 

Gen Pub Utilities- 

Gen Signal ■ 

Gen Telep Elec...! 

GenTlre ! 

Genesco I 


344 

20 

15"B 

424 

£54 

624 

364 

364 

407 b 

434 

364 

294 

£04 

45 a 


344 
205) 
16 
434 
£54 
62 4 
564 
57 
404 
433* 
5 
37 
304 
204 
44 


Genuine Parts.. 

Georgia Pac 

Geo source 

Gcrbes Prod.... 

Getty Oil 

Giddens Lewis.. 

Gillette 

Global Marine.. 
Goodrich (SFi... 
Goodyear Tire.. 

Gould 

Grace 

Grainger (W.Wj. 


: 35i* 
, 154 
48 
304 
- 53 
171? 
1 55 4 
154 
204 

25 "a 
| 26 
384 
I 394 


stock 


May 

18 


May 

17 


GtAtl.Pae.TeoJ 63 b I 6 
Gt Basins Pet... ! 24 j 24 
GtNthn.NekoonJ 544 1 34 s * 
Gt. West Financial 12 7 a I 127 8 

Greyhound j 137 b 134 

Grumman.. 37 27 

Gulf A Weston—j 13 | 14T 8 


Gulf Oil 

Hall (FBI 

Halliburton-... 
Hammermlll Pprj 
Handle man .... 

Hanna Mining ... 
Harcotirt Brace. 
Harris Bancp..,- 

Harris Corp 

Harsco 

Hccia Mining.—. 

Heinz IHJ). 

Heller Inti...- 

Hercules 

Hera hoy 

Heubiein 

Hewlett Pkd... 
Hilton Hotels.. 
Hitachi 


524 

287a 

35 

254 

134 


33 

BBS* 

357a 

257b 

133) 


323a ! 324 
I64 1 154 
284 I 283) 

274 I 284 
18>a I 18 
84 ' 07a 
SOS) 314 


1930 

2030 

423* 

393a 

437b 


194 

204 
424 
40 

434 

374 i 374 
284 1 29 


Holiday Inns [ 

Holly Sugar 

Homestake ! 

Honeywell.... 

Hoover 

Hoover Uni 

Hormel Geo.V 

Hospital Corp 

Household inti.. J 

Houston Inds 1 

Hudson Bay Mng.| 
Hughes Tool... 
Humana 


267 8 | 
474 j 
23T B 1 
723, | 
105, 
174 
214 
307a 
173) 
1870 I 

134 

26 

247 a 


274 

47 

24 

724 

103 ) 

174 

214 

314 

173* 

19 

154 

274 

25Js 


Husky Oil I 

Hutton (EF) 

1C Inds - 

IU Int 

Ideal Basic ind... 

Ideal Toy 

ICIADR 

Imp Corp Amur. 

INCO 

Ingersol Rand....! 

Inland Steel 

Intel 

Inter First Corp.. 

Interfake 

Inter North 

IBM : 


56* 

284 

304 

1230 

1370 

1330 

6 

7 

104 

484 

20Sa 

324 

224 

277a 

263) 

627* 


f 53 ) 
I 287* 
I 30 4 
I 1230 
- 144 
I 135* 
: 6 
! 74 

1 104 
, 49 4 
, 207 S 
1 334 
I 22 4 
| 28 
I 264 
1 623) 


Inti. Flavours ] 

Inti. Harvester.... 
Intl.lncome Prop 

Inti. Paper. I 

Int Rectifier 

Inti .Tel & Tel...-. 

Irving Bank. i 

James (FS1— .. 
Jeffn-PiJot ..... 

Jewel Cos. 

Jim Walter. 

John son- Contr.. 
Johnson & Jns... 
John than Logan. 

Joy Mnf .] 

K. Mart...- 

Kaiser Alum 

Kaiser Steel.— ...1 


204 

44 

Bi) 

354 

12 

£53* 

38 
214 
273s 
34 
18 4 
22*0 

39 4 
15 
25 4 
18 
123) 
263) 


I 204 
44 
85) 
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124 
254 
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213* 
, £73, 

I 344 

1 193) 

; 22sa 

40 4 
, 154 
26 
134 
12 s * 
26i* 


Kaneb Services 17sa 
Kaufman Brd— ... 83, 

KeyCorp 94 

Kellogg...- ] 244 

Ken name tal 28 

Kerr-McGee ' 29sg 

Kldde • 24 

Kimberley-Clark. 62 
King’s Dept SL... 24 

Knight Rdr. Nws.; 323s 

Koppers ; I64 

Kroehfer. ; 74 

Kroger 314 

LTV 1 13Sa 

Lanier Bus. Prod, 163, 

Leas-Siegler 25 

Learaway Tran a. | 284 


17S» 

9 

94 

244 

284 

29Tg 

244 

634 

24 

324 

15 

7 

313a 
133, 
165* 
254 
SB 4 


Lenox- 1 394 

Levi Strauss- ! 245 a 

Lavitz Furntr 1 25s* 

Libby Owens FdJ 334 

Uly lElit- • 681* 

Lincoln Nat 1 43 

Litton Inds. ! 443, 

Lockheed i 493s 

Loews j 11&8 

Lone Star Inds...., 193* 
Longs Drug Strs„ 294 
Louisiana Land...: 294 
Louisiana Pac.. . 1 183) 

Lo won stein I 27 

Lubrizal- > 21 

Lucky Strs ; I37 a 

MiACom.Inc ; 214 

MCA 53 4 

MacMillan 154 


| 39 s * 
254 
26 

•' 234 

5870 
43 1) 
4450 
49 

1 914 
( 204 
1 39* 
I £9»t 
19 
265, 
£158 
144 
214 
; 534 
154 


Mac. -.. 

Mfcrs Hanover— 
Manville Corp... 

Mapco. 

Marine Mid 

Marriott | 

Marsh McLenn.... 
Marshall Reld.J 

Martin Mtta 

Maryland Cup.. J 

Masco*. > 

Massey Fergn. ...1 
Mass Multi. Corp.; 

Mattel ! 

May Dept Stra...| 


323) 334 

29 30 

U4 114 
307a 30 1) 

214 . 224 
394 1 397S 
324 ; 334 

294 • 29 4 
29 2B*a 
375s 39 

345a ! 335) 
24 1 250 

184 I 18}* 
I93s ; 193e 
384 £94 


' 355* 
> 157* 
I 485* 
i 303 a 
55 4 
, 174 
1 357* 
j 1530 

I 21 

. £34 
' 26 
• 39 
! 40 


Maytag ! 

McCulloch 

McDermott iJR».. 

McDonalds 

McDonnell Dougi 
McGraw Edlson.j 

McGraw-Hill : 

McLean Trukg ... 

Mead 

Media Genl 

Medtronic 

Mellon Natl .. .. 

Melvillo 

Mercantile Sts,... 

Merck 

Meredith 

Merrill Lynch ...; 


273* 
9Ja 
24 is 
65Sj 

33-i 
304 
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39 
43 4 
324; 
48 
62 7* 
744 
60 1, 
284 


274 

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. 254 
654 
344 
3Q4 

, 534 

: 13* 
18 
394 
454 

• 334 

. 484 

• 62 5 p 
743s 
604 

; 284 


WORLD STOCK MARKETS 


Stock 


May 

18 


MGM....- 74 


Metromedia..—. 
Milton Bradley... 
Minnesota MM_. 

Missouri Pac 

Mobil 

Modern Merohg 

Mohasoo 

Monarch MIT — . 

Monsanto- 

Moore McCmrk.. 

Morgan (JP) 

Motorolo 

Munslngwear.— 12Sa 

Murphy (GC1 ! 114 

Murhy Oil. 


2064 

18 s ) 

53 

64 
244 

65b 

11 

163b 

674 

213, 

52 

65 


May 

17 


Nabisco Brands..! 333, 


NaleoCham., 


234 


23 


6t b 

204 

19&B 

634 

654 

244 

85a 

11 

164 

665b 

224 

5338 

634 

12J* 

11*4 

22 s , 

334 

474 


Nat. cm 

Nat Detroit-.....! 
Nat Diet Chem.J 
Nat Gypsum.. 
Nat Medical Ent 
Nat Semlcductr 
Nat Service Ind. 
Nat standard... 

Nat steel. ; 

Notomos J 

NCNB I 


184 

234 

224 

204 

15 

215a 

25 

11 

1853 

187* 

134 


18* 
234 
22 4 
201) 
147g 
324 
26 
114 
IBS, 
1870 
1330 


NCR. 

New England El. 
NY Stato E & G... 

NY Times 

Newmont Mining] 
Nleg. Mohawk....! 
NICOR Inc..... 
Nielsen (AC) A. ...j 
NL Industries..... 
NLT 


483b 

273a 

165s 

40 

35 

14>) 

284 

4930 

243) 

29 


i 48*i 
277 B 
1650 
404 
341b 
144 
] £84 
I 493« 
267# 
£97g 


Norfolk & Westn.J 

Nth. Am. Coal ] 

Nth. Am.fPhlllps.i 
Nthn. State Pwr.. 
Northgate Exp... 

Northrop — • 

N West AlrUnes... 
NWest Bancorp... 1 

Nwest Inds 

Nwestn Mutual... 
Nwest Steel W.... 

Norton 

Norton Simon 

Occidental Pet...j 
Ocean Drill Exp..j 

Ogden ■ 

Ogllvy&Mrth ! 

Ohio Edison- 

Olin 

Omark 

Oneck. I 


46 

514 

384 

279b 

34 

SI 

274 

20 4 
654 

93) 

174 

334 

194 

204 

21 
247* 
33 
133, 
20 
143* 
29 4 


I 47 
314 
38.4 
£73, 
34 
I 6050 
284 
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95* 
18 
33 4 
20 

' 204 
I 214 
j £4”* 
33 
’.33) 
£04 


144 

297 3 


Outboard Marine 

Overseas Ship 

Owens-Coming - 
Owens-Illinois .... 

PHH Group 

PPG inds 

Rabat Brewing..., 
Pac. Gas ft Elect 

Pac. Lighting 

Pac. Lumber 


245* 
165* 
194 
264 
£0*, 
53 T S 

217a 

234 

235* 

1ST* 


; 243, 

. 1630 

| 194 

1 263, 

; £14 

; 333, 
! El*, 
234 
233a 
19 


Pac. Tel.* Tel. ... 

Palm Beach- 

Pan. Am. Air 

Pan. Hand Pipe... 
Parker Drilling ... 

Parker Hanfn 

Peabody Inti 

Penn Central 

Penney (JCt 

Pennzoil 


194 

157 a 

37 8 

305e 

14 

18s b 

6 

284 

3550 

5B 


19 4 
155* 
37a 
314 
14 
194 
6 ia 
284 
355a 
3850 


Peoples Energy-| 

Pepsico— 

Perkin Elmer 

Petrie Stores 

Petrolane 

Pfizer ! 

Phelps Dodge. 

Phlla Elect.. 

Phibro 

PhilipMorris J 

Phillips Pet ; 

Pillbury , 

Pioneer Corp — 

Pitney- Bowas 

Pittston ! 

Planning Res'ch-j 

Plessey 

Polaroid 

Potlatch 

Prentice Hall 

Proctor Gamble. 1 


830 I 

374 ! 

194 ! 

24 ■ 
153, . 
554 ' 

25 | 
16 , 
244 
604 f 
314 1 

443* 1 
224 ! 
£94 I 
1730 : 
7Sfl : 

744 I 
194 1 
25 

264 : 
837a I 


84 
375b 
204 
23 4 
164 
654 
254 
15 
244 
504 
313* 
454 
223« 
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174 
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753) 
194 
25Sa 
2650 
844 


Pub. Serv. E * G.‘ 214 
Pub. S. Indiana...' 224 

Purex 304 

Purolator..- ; 364 

Quaker Oats t 40 

Quanex 94 

Questor • 13*e 

RCA- £14 


Ramada Inns .. ... 53* 

Rank Org. ADR 2 s , 

Raytheon —! 35 

Reading Bates...] 16s* 

Redman inds 1 124 

Reeves Bros j 673* 

Reichhold Chaml 124 


2150 
£23, 
305* 
34 (, 
404 
94 
134 
213a 
14 
Si = 

24 

554 

165* 

123, 

673a 

121 * 


Republic Steel. 
Rep of Texas.... 

Reach Cottrell.. 

Resort Int! A.... 
Revco (DS) 

Revere Copper. 

Revlon 

Rexnord 

Reynolds |RJ>... 
Reynolds Mtta. . 
Rite Aid- 

Roadway Expa. 

Robbins lAHi.... 

Rochester Gas. 

Rockwell Inti... 
Rohm ft Haas-. 
Rollins 


184 
1 324 

! 124 
204 
274 

! 104 

; 304 
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1 484 
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; 307* 
364 
134 
! 144 
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1870 

324 

124 

204 

£75, 

1050 

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11 

487s 
20 
31 
56 s ) 
J 13Sa 
1 14 4 
i 313, 
1 674 
I 1570 


Roim | 

Roper Corp 1 

Rowan • 

Royal Crown 1 

Royal Dutch ' 

Rubbermaid 

Ryan Homes 
Ryder system . ... 

SFN Companies.. 

SPoTechnol.gies 
Sabine Corp. . 

Safeco 

Safeway Stores.. 

St Paul Cos ; 

St. Regis Paper..; 
Santa Fe Inds. ...> 

Saul Invest | 

Saxon Indus ] 

Sobering Plough; 


304 

105* 

114 

1870 

36 
424 
14 
2S4 
194 
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37 4 

38 4 
304 
454 
257* 
1S5 3 

7 4 
14 
397* 


! 30 4 
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; 18i; 
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j 14’r 
I 294 
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134 

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■ 30 
. 46 

■ 254 
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I V- s 

> 1 j* 

, 295 * 


Stock 


Schlftz Bra w 

Sohlumberger... 

scm :i 

Scott Paper \ 

Seaaon 

Seagram—..,.] 


May 

18 


164 

474. 

234 

167g 

25 

53*; 


Sealed Power ....) 306* 


343; 

193) 

331a 

334 


Searie iGD). 

Soars Roebuck ... 

Secunty Pac 

Sod co 

Shell Oil., 1 36 3, 

Shell Trans —.j 297s 

Sherwin-Wmo..... 233s 

Signal 18*, 

Signoda-.- | 487a 


May 

17 


16*) 

474 

254 

164 

254 

524 

31 

354 

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33*) 

34 

37*4 

30* 

244 

IB*) 

49 


Simplicity Patt... 
Singer — 

Skyline 

Smith Inti 

Smith Kline Beckl 
Sanesta Inti-...-. 

Sony....— 

Southeast Banks 
Sth. Cal. Edison . 
Southern Co. — j 
Sthr. Net. Res.... 
Sthn. N. Eng. Tel. 

Sthn. Pacific 

Sthn. Railway-...] 

Southlands 

S.W. Bancsharesj 

Sperry Corp | 

Spring Wills. j 

Squibb , 

Std. Brands Paint! 


84 

1170 

15 

314 

69 

94 

1570 

164 

314 

1260 

274 

45 

324 1 
884 1 
32 4 1 
24 U 
25*, i 
£74 | 
254 
354 , 
£44 I 


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124 
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161) 
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2B4 
45 
335a 
894 
33 

24 U 

2570 

274 

2556 

353) 

25 4 


Std Oil Ctlfomla.i 
Std OH Indiana...^ 

Std Oil Ohio. \ 

Stanley Wks. • 

Stauffer Chem.„ 
Sterling Drug — 

Stevens fJ.P.i 

Stokely Van K... 

Storage Tech ; 

Sun Co ! 

Sundstrand 

Superior Oil 

Super val Strs.... 

Syntex. 1 

TRW ] 

Taft 

Tampax.. -! 


334 
43 S) 
37 
15 
22 
2270 
1450 
30 
244 
354 
354 
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177a 

34 30 
504 
524 

35 4 


334 

444 

573* 

15)8 

23 

234 

141s 

30*4 

234 

355b 

35 4 
323a 
174 
344 
61 
354 

36 


Tandy I 284 


l 2850 
119 


52 s , , 

533* 

27 1 

1 2719 

20'a 

21 

30 I 

SO ‘4 

33 1 

34 

471a I 

47*4 

26 1 

27 

87*) 1 

89Sa 

30*} 

' 30ig 

22T* 

231) 

22 -B . 

. £31) 

153b 

151" 

SOJg , 

! £01* 

24 ij - 

25 

913 ! 

870 

323) 

53 

421, > 

i 42ia 


Timken j 824 

Tipperary- ! 9*a 

Tonka. J 334 

Total Pet 10 

Trane 1 31 

Transamerica....] 20 

Tranaway 1 224 

Tran* World ; 20 7g 

Travellers 42 sa 

Tri central I 74 


63 s ) 
94 
234 
104 
324 
204 
224 
214 
434 
7*) 


Tri Continental. 
Triton Energy .. 

Tyler 

UAL 

UMC Inds. .. .. 

Unilever N.V 

Union Camp..... 
Union Carbide... 


I 184 ! 164 
14Tg ■ 15 
- 164 • 164 
173) ! 194 
8 I 84 
.. 615a 1 62 
..; 474 I 474 
. 465* 464 


Union Oil Cal | 

Union Racillc,.... 

Uni royal 

Untd. Brands ' 

Unt. Energy Rea. 1 
US Fidelity G ; 


I 


US Gypsum. 

US Home... 

US Ind* I 

US Shoe 

US steel 

US Surgical 

US Tobacco ! 

US Trust 

Utd.Technoigs . 
Utd. Telecomtns.| 

Upjohn 

VF. ! 

Vartan Assoc*. .. • 
Vemitron 


554 I 555a 
3B ] 39 
85* ! 85a 
114 : 114 
36 1 36 

40 ; 434 
304 1 504 
134 ; i3*i 


104 

31 

244 

314 

459* 

36 

40 


105* 

304 

241* 

214 

464 

364 

397* 


195, j 193, 


461* 

424 

347* 

10t S 


465) 

41 

35 

103) 


Virginia EP • 

Vulcan Matria .... 
Walker <H) Res .... 
Wal-Mart Stores. 

Warnaco j 

Warner CommsJ 
Wamer-Lombt.J 
Washington Post; 
Waste Mangt 

Weis Mkts. • 

WeHs Fargo 1 

W. Point PeppL... I 
Western Airlines 
Weatn. Nth.Amr.; 
Westing house .... 

Westvace — ; 

Weyerhaeuser....; 


134 | 
451) 
13*; 
485a 

32*8 
523) | 
24)a : 
35 

324 j 
414 I 
25 4 ’ 
234 i 
3*) 
1230 
255a 
19 4 ‘ 
263a . 


1530 

46 

133, 

494 

334 

53 

24ig 

354 

52 4 

414 

254 

234 
37* 
135s 
254 
194 
27 4 


Wheelobrstr F...’ 
V/heeling Pitts.... 

Whirlpool 

White Consoltd.. 

Whittaker 

Wickcs 

Williams Co.. .. 
Winn-Dixie Sir.... 

Winnebago 

Wise Elec Power. 

v/oolworth 

Wrigley 

Wyly 

Xerox 

Yallow Frt Sys .. • 

Zooata 

Zenith Radio 


32 4 
164 
28 4 
"64 
257* 
3 
19 
357j 
64 
314 
193* 
313* 
87i 
343, 
15 
195 S 
13 4 


| 33 4 
1 164 
1 284 
] 264 
• £53# 
5 

193* 
. 364 
. 64 
; 314 
19 5s 
314 
: 83 b 
354 
j 151* 

■ 155* 


Indices 


NEW YORK 


-DOW JONES 


May 

18 


May 

17 


May ! May I May 
14 1 13 I 12 


May; 
11 ! 


1983 'Since Cmpll't'n 


High [ Low ; High • Low 


C Industr'ls 840.65 1 S46.S2' 


H'me Bnds.j 60.16 EO.ffli 


857.781859.11865.77.866^7; 88SA2 | 795.47 i IDSUB^ 41.22 
I ; rt.'Jl 1 (8,6) (Il/Ii75| {2(7/22) 

59.99 60.05 B3.98 1 59.92' 60.20 1 55.67 ! — — 

j ; | I ' M7/5I ; ( 12/2) . 

Transport. J 3J9.4S , 546. « 35aj}4'350£2 350JQ 352.84< 5S6.46 i 314.56 i 447.33 I2J2 
■ i I i | | 77(1) i (8/5i (16/4(011 (B(7i221 

Utilities.. — | 115^9 | 114.02] 115.57fll6.22 110.75:116.91 116.95 i 105.51 , 163.22 10.6 

l I (7/51 | (13/1) (20/4(69) (2B/4/42) 


TradingVoll , 

OOat 1 48.370 ! 45,600 


49, 300 58^20 56^10 54.660: - 


4 Day's high 848.08 low 

836.66 





Ind. div. yield % 

j May 14 

j May 7 

April 30 Year ago (Approx | 

6.52 

1 6.42 

6.58 

6.81 

STANDARD AND POORS 







May ! May ! May j May 
18 17 ! 14 ] 13 

May 

12 


, 1982 

m-an 


mu 

j High ! Low 

| High 1 Low 

InduBt'la.... 

Composite 

129 130.08< 131.5& 111.76 132.74 

> ‘ ' 1 

1 15,84j 116.71' 118.01 lie^z: 119.17 

132.98. 137.28 118.41 
: '4.1 1 ; (B/Sl 
119.42; 122.74 ' 107.54 

1 i4f1) : (9, Si 

1 160.99 ; 3.62 

kSB.'lliB0'(50i6i52i 
! 140J52 ; 4.407 
V29'11B9' il.-i'SZi 


May 13 

May 5 

April 2B Year ago (approx ' j 



B.52 

5.61 

5.64 • 

. 4.70 

Ind. PiE Ratio 

8.02 

7.91 

7.68 

9.91 

Long Gov. Bond yield 

12.77 

12.91 

12.93 ; 

13.72 


NY. 5.E. ALL COMMON 


Rises and Falls 

May 18 May 17 May 14 


Ma y May ; May May 
IB : 17 14 ' 15 


1982 


High Low 


56.84 67.3668.11 68.30 71.20 [62.52 
; (4/1) | (12(5) 


Issues Traded tl,893 >1,868 1,865 

rases - 418 ] 346 ] 651 

Falla 1,027 1.039 786 

Unchanged- 448 • 434 1 480 

New Highs. 11 ! 21 1 27 

New Lows 41 i 2S 1 15 


MONTREAL 


1982 


May May 
18 I 17 


May 

14 


May 

13 


High 


Low 


Industrials ‘ 292.90 28SJfi/ 289.19, 299.24/ 232,79 14.7) t 279.49 fiS.jl 
Combined j 265.16, 267.52, Z70J2, 271.52' 5IBJ8 i4,1j ! 250.09 (15.91 


TORONTO Composite]' 1531.6' 1542 J 1564.811570.2 ! 1653.5(4.1) 1 7628-5 (5(5) 


NEW YORK ACTIVE STOCKS 





Change 



Tuesday 

Stocks Closing 

on 

Stocks Closing 


traded 

price 

day 

traded 

pnea 

JAL 

, 881.200 

17*4 

-1% 

Amwr. Airlines... 477,400 

1 fi T a 

2 /ricaro 

SB3.8W 

25*. 

- * 

Doaro 471,500 

27 s * 

lha;e Manhacsn 

515,600 

43*, 

- h 

Sony 485.200 

15% 

a erf( in -Elmer ... 

491 .300 

19=« 

- h 

Exxon 


"Bndy 

473.000.. 

. 28L 

- *. 

ISM - 448,900 

824) 


Change 


- V 



May 1 

19 : 

May 

18 

May ; May . 
17 . 14 ; 

High 

1982 

Low 

AUSTRALIA 

All Ord. llr'1/Mj 

Metal ft Minis. fl i/Mi 

514.0 

576.2 

516.5 ’ 
578.7 

619.1 519.5 | 

580.2 ; 579.8 ; 

595.5 (4 1, 
<25.1 i5;I) 

• 455.5 (10/5 ■ 
522.2 (2/4 « 

AUSTRIA 

Credit Aktien (2/1/82) 

52 .20 

82.24 

52.55 52.36 

50.96 (4.1* 

52.16 (19--4* 

BELGIUM 

Belgian SE (21/12/96} 

33.57 

95.U 

94.32 94.6 \ 

102.45. 5'4> 

! 86.42 (20-11 

DENMARK 

Copenhagen SE (1/1/75) 

117.44 

I17J5 

118,78 119.29! 

126.22 (25.1M 

! 112.90 (9:51 

FRANCE 

CAD General i2l/12.'81i , 
ind Tendance 151/12/81). 

109.8 

122.5 

103.4 
122 J» 

110.2 110.60' 
125.0 ' 12530! 

111.6 (12/5) 
124.3 1.12:5) 

S5.6 (4/l> 

87 7 (4/1/ 

GERMANY 

FAZAktlen «1»12/501 
Commcrz ban k'.Dec 1955 r 

229.92 
698.5 1 

229.70 

700.8 

1 

231.40 251.01' 
7D6Jj 704.20 

239.45 (5(4i 
799.8 iS.'4i 

i 218.55 (18/D 
EM.7 (13 1) 

HOLLAND 

AN P -CBS General (1970) 
AN B -CBS indust (19701 

9J.fi ' 
75.6 

94.1 

74.4 

34.5 94.2 • 

74.6 75.2 

95.0 1 10-5) 
74.3 ilO.fai 

84.0 r6:1> 

65.2 (4/1) 

HCNG KONG 

Hang Seng Bank(5l/I/64 1560.10 1554.05 1ZG1.G015E7J5, 

1446.52(19/11 

1129J5 (8/51 


ITALY ; ! 1 j ' 

Banca Comm Ital.i !372> ; (86.23 I85.33 1 184.13' 165.81 212.06 (13:5) ! 181.45(12:11 


JAPAN— , 1 i j i 

Dow Average (16/5/43i TjTS.IS'TSBT.OSTBlfl.SMSTB.BI: 792635 (27(1) • 6633.52 (17(3) 

Tokyo New SE (4(1/08) j 502.07) 560.38: 583.23 1 560.7S! 585.23 (27/1 > j 520.70 (17/a| 


NORWAY 
Oslo SE (l/T/72) 


124.5fl ; 124JS; to) I 123.64' 1E0JS9 (26/1) ; 109.12(1(4) 


SINGAPORE 
Straits Times flSEGI 


77844: 770.63 773.Bl! 7B1.B2- 010.76 (6/1) 667.49 (9(6) 


SOUTH AFRICA 
Gold 1 1958) 
Industrial (195Bi 


ful 

<u> 


415.6 (Ul | 416.2 I BB9.3 (5/ ll I 410.6 (11/51 

576.9 > (u) . 586. 1 ! 711.7 (8/1) ; 555.5 IE9/5) 


SPAIN 

Madrid SE (30/17/5 D 


99.25 99.61 tf> 101.50 107.45 (9-?i 99.17 (5(1i 


SWEDEN 

Jacobsen ft P. 

■u> - ' 697.76' 594.07 5M.7S 

655 J3 (22.' li 

655.52 1 28/4i 

SWITZERLAND 

Swiss Ban KCpn.(i 1/ UrtS j 

257.4 . 268.9 | 260.4 260.4 j 

265.1 lll/li | 

242,5 fll/S) 

WORLD ; 

Capital inti. (l/i.'TO) ; 

i 1 . j 

- 1 158.9 , 13BJ5 : 159.1 1 

147J2 (4/11 

119.1 (17/S) 

(■**) Saturday May 15: Japsn Dow (c) TSE (cj 


Base velues of all Indices ere 100 except Australia All Ordinary and Mata!*— 
SOQ. NYSE AH Common— 90; Standard and Poore— ^ 10; and Toronto— 1,000; the 
last named based on 1975. f Excluding bonds. t 400 Industrials. § 409 
Industrials plus 40 Ud Haas,. 40. Financials and 20 Transports. o Closed 


u UnsvaHaM. 


Mixed early Wall St trend 



STOCKS ON Wall Street pre- 
sented a mixed appearance at 
mid-session after a fair turnover. 

Analysts, in assessing the 
market's performance, said 
certain issues attracted bargain- 
hunting, while Wall Street in 
general continued to be 
influenced by concern about 
high U.S. interest rates, Federal 
Budget problems and the 
sluggish economy. 

The Dow Jones Industrial 
Average was a marginal 0.85 
harder at 841.70 at 1 pm. after 
the previous two-day fall of 17 
points. The NYSE All Common 
Index was 3 cents easier at 
S66.S1 while volume came to 
34.07m shares compared with 
Tuesday's I pm level of 35.19m. 

Still depressed by Drysdale 
Government Securities inability 
to repay 5160m in interest owed 
to Chase Manhattan Bank, the 
latter's shares fell more to 
S47J, bringing the two-day 
decline in the stack to nearly 
five points. The Bank said it 
would pay interest on certain 
U.S. Government Securities 
which were processed through 
its institutional banking depart- 
ment and related to the trading 
activities of Drysdale. Chase said 
the action would reduce second- 
quarter earnings by about 
5135m. 

Other banking shares showed 
narrow price moves. Citicorp, 
the most active stock, rose i to 
S261. 

Elsewhere, Cities Service, a 
strong performer, gained 14 to 
S3S on more than 250,000 shares. 

Among other heavily-traded 
issues, were: Exxon which was 
unchanged at $2St, Control Data 
off I at S26{, Sherwin-WINfams 
up j at S23^, Aetna Life off l at 
5392. American Telephone un- 
changed at S54S} and Merrill 
Lynch off , at $273. 

THE AMERICAN SE Market 
Value Index hardened 0.19 to 
274.00 at 1 pm. Volume 2.70m 
shares. 


Canada 


Markets were mixed with an 
easier bias a t mid-session after 
fairly active trading. The Toronto 
Composite Index picked up 1-6 to 

1.533.2, but declines led advances 
on the exchange by 158 to 133. 

Oils and Gas gained 7.4 to 
2.730.4. but Golds shed 3.6 to 

2 . 121 . 2 . 

Bombardier “A” gained 1& at 
CS11£, Bombardier said it had a 
letter of inteat to supply CSlbn 
worth of subway cars to New 
York City. 


Y1.130, Nissan Y13 to Y83S, Fuji 
Heavy Y17 w Y4fla Hitachi Y6 to 
Y693, Fuji Photo Y40 to Y1.500, 
Mitsui YS to Y327 and Toshiba 
Ceramic Y14 to Y735. 

However, Sony shed Y60 to 
Y3.770. Kawasaki Heavy Y5 to 
Y197, Ricoh Y13 to Y526, Nippon 
Oil Y25 to Y967 and Nippon 
Kokan Y3 to Y162. 


Tokyo 


Closing prices for North 
America were not available 
for this edition. 


The market opened easier in 
response to the further fall on 
Wall Street overnight and the 
weaker yen, but later picked up 
on scattered bargain hunting to 
end mixed on balance- 

The Nikkei-Dow Jones 
Average, after Failing 52.33 the 
previous day, edged up 5.09 to 
7.572.15. The Tokyo SE Index, 
down 2.95 on Tuesday, recovered 
1.69 to 562.07. Volume was again 
moderate, amounting to 290m 
shares (260m). 

Machine Tools and Industrial 
Robot Makers attracted good 
demand, with Okuma Machinery 
gaining Y2S to Y64S and Tokico 
Y25 to Y440. 

Pharmaceuticals mainly con- 
tinued to advance. Speculation 
that the Government may not cut 
drug prices this year, as has been 
anticipated for some time, bred 
expectations for better earnings 
this fiscal year, traders said. They 
also pointed to rumours that 
Green Cross, up Y100 at Y2.250, 
may obtain Government permis- 
sion for commercial production 
of artificial blood this month. 
Strong sales of anti-cancer and 
other third-generation drugs were 
also giving a boost to Pharma- 
ceuticals. which had been largely 
ignored in March and April when 
the Nikkei-Dotv Index surged. 

Motors closed broadly higher, 
while Precision Instruments, 
Light Electricals and Ship- 
builders reported mixed move- 1 
meats. Oils and other Energy 
issues lost ground. 

Toyota Motor rose Y30 to 


Paris 

Shares were mostly firmer m 
active trading on the last day bf 
the monthly account and ahead of 
today’s Ascension Day holiday. - 

News of ah estimated Ll or L2 
per cent rise in French consumer 
prices in April had little impact 
on sentiment. 

In Electricals, Cit-alcatel feil 
FFr 19 to FFr .8S6 after announc- 
ing that its Indian telecommuni- 
cations contract was worth a total 
of FFr 3.2bn. 

Hong Kong 

Stodcs regained much of 
Tuesday’s losses, having 
rebounded after losing further 
ground initially In reaction- to 
the fresh overnight Wall Street 
decline. Brokers said the atmos- 
phere improved following a firm- 
ing of- the Hong Kong dollar. 

Trading was quiet until the 
last half-hour when fresh buy- 
ing was cited in Utilities, and 
this attracted follow-through 
purchases elsewhere. 

The Hang Seng Index, -which 
fell 27.45 on Tuesday, rallied 
26.05 to close at 1,360.10. Turn- 
over on the four exchanges was 
a modest HK$176.65m in the 
short Wednesday session, against 
HKS238.34m in the full day's 
trade on Tuesday. 

In Utilities. HK Telephone rose 
to HK$31.25 from the previous 
HKS29.S0, China Light 30 cents 
to HK316.40 and HK Electric 15 
cents to HKS6.45. 


day, shed 2.5 to 514.0, while tf 
Industrial marker lost Z2 ■ . 
667.3 and the Resource mdicati- - 
2.8 to 388.4. The Transpa 
sector took the hardest fall i 
21.7 to 735.7. 

Of the partners in o 
discovery well Kihee No. 
Bligh was down seven cents .. 
ASL25, Sydney Oil was steady ■ 
90 cents and Fanconttnent 
Petroleum was also unchange 
at 47 cents. A clean-up flow > 
250 barrels of oil a day fro 
Jackson. No. 3 well had mo 
of the participants closiz 
unchanged.' Claremont at 1 
cents. Vanxgas at A9S and Sant 
at AS5.4S. 

TNT lost 10 cents to A$Lf 
after its poor third-quarter - 
March. The Banks closed steac 
after the recent falls. ANZ Bax 
fell. 5 cents in the momir 
before closing unchanged 
AS4. 

Com alco shed 10 cents 
ASS. 10 after the aluminiii 
price closed at a record low c 
the London Metal Exchange. 


Amsterdam 

Prices closed mainly low< 
ahead of today's Ascension He 
holiday, with Publishers an 
several Investment Funds lea- 
ing the decline, while, bite 
nationals showed more mode 
losses. 


Johannesburg 

Gold shares firmed with th 
Bullicm price ahead of today 
Ascension Day holiday. Ha\ 
ever, the market continoc 
easier elsewhere in quiet tra> 
ing. 


Australia 


Further overnight losses on 
major overseas markets prompted 
a continued decline on Australian 
markets, with local traders 
taking a cautious stance in the 
absence of foreign investment 
The All Ordinaries Index, 
declining for the fifth successive 


Germany 

After Tuesday's declin 
Bourse prices dosed mixed 
easier yesterday. The Commer , .. 
hank Index ended 2.3 lower :!> 
638.5 for a two-day fall of 7.0. 

In Chemicals, BASF, wet 
since reporting a drop in firs 
quarter profits, shed DM 1.20 ’ 
DM 125.80, while Bayer lost tt 
same amount to DM 120.6 
Hoeefast, in which Kuwait - 
rumoured to have amassed 
stake, lost DM 0.20 to DM 119.6 


CANADA 


Stock 


j May 
! 18 


May 

17 


AMCAInt! 17 I 

Abitibi ; lfiij i 

Aqnfco Eagle j 7 j 

Alcan Alumin ...< 231* i 

Algoma Steel ; 31ig : 

Asbestos | 12') 1 

8k. Montreal 1 19 U ! 

BiCNova Scotia... | -"Oil j 
Basic Resources, 8.20 | 


17 is 
16 
67 g 
251* 
SKa 
12 k 
101 " 
20 3n 
3.30 


Bell Canada 1 

Bow Valley j 

BP Canada 

Brascan A J 

Brinco ’ 

B.C. Forest | 

CIL Ine 

Cadillac Fairvlew 


Cam No Mines 
Gan Cement 


19ia I 20 
15 Sb 15*) 
29U 50 

16 s ) I6») 

4.05 ! 4.05 
93) ; 95e 
23 >2 < 2£ia 
7'-i 7S* 

65) 6*3 

83* 83e 


Can NW Energy..; EZ’s 
Can Packers .. 
CanTrusco . . 

Can Imp Sank 
Can Pacific .. 

Can P. Ent 
Can Tina 


23 


Chieftain 

Cominco ' 

Cons Battist A 

Cent Bk Canada. 

Coseka Res 

Costain 

Daon Devel j 

Denison Mines.... 

Dome Mines. 

Dome Petroleum 


50 

20 5, 

23 ' 

25 

SOW 

31 

873) • 

281 a 

14 Be 

14S0 

355 4 , 

56 

18>s 

19 

Wp . 

401c 

14-S ! 

145) 

6^) ; 

6S« 

B*0 

51- 

6 

6 

2.B7 ! 

2.00 

20 : 

20*« 

13 

13 

8*8 I 

8D 


Dom Foundries A' 527g 
Dorn Stores.... ...... 153s 

Dom tar 18 

Falcon Nickel 49 U 

Genstar I 124 

GL West Life 210 

Gulf Canada ! 15 4 

Gulfstream Res..] 2.70 
Hawk Sid. Can.... 8*) 

Hollingar Argus .1 27 


534 
157a 
! 184 
| 404 
• 124 
I if 10 
1 154 

1 2.80 

I 9 
1 27 


Hudson Bay Mng. 164 
Hudson's Bay.,... 214 

Husky Oil ! 64 

Imasco : 39 4 

ImoOil.A 23 4 

In co 12 4 

li-.dal. 94 

Inter. Pipe 16 J i 


1630 
E13) 
74 
40 4 
234 
IE*, 
10 
174 


Mac Sloedel. 

Marks* Spencer 

Massey Fcrg 

Mc/ntyrs Mines.. 
Mo Hand Exp lor., 

Mitel Coro 

Moore Corp.. .. 
Nat. Sea Prods A 
Noranda Minec.. 


194 

11 

3.20 • 
20 4 
6.75 . 
20 . 
374 
7], I 
14*, : 


£0 

114 

3.20 

30 

6.00 

19** 

374 

74 

15 


Nthn. Telecom , 
OakwDod Pot 
Pacific Copper. 
Pan Can Petrol. 

Patino 

Placer Dev. 

Power Corp 

Quebec Strgn.... 


533, 544 

' 10*i : 10*) 


*V-I • AS# '4 

1.40 1.50 

.1 65*) 664 

17*, ' — 


_ , 18 

121.1 : 124 
iv. ' int. 


' 10V* ! 104 
.! 2.45 ; 2.45 


Ranger Oil. . . . 
Road Stenha A 

Rio Algoni 

Royal Bank . . . 
Royal TrustcoA 

Sceptre Rea 

Seagram 

Shell Lan Oil .... 
Steal of Can A,. 


7 38 ' 73a 
ll** l in 2 
344 I 34l« 
20 . 204 

134 • 134 
5Sa 5i, 
664 ! 654 
163g ; 164 
19*) J 20 


Texaco Canada.. 
Thomson Navra A. 
TorontoDom Bk.1 
TranaCan Pipe...: 
Trans Mntn. Oil A 
Utd. Sisco Mines 1 

Walken HiRas ' 

Westcoat Trans..! 
Weston iGeoi 


28*9 ' 354 
214 . 21 
24 7g , 26 
19 4 I 20 
74 730 

3.45 I 3.60 
17 | 163) 

124 ; 123b 
324 334 


AUSTRIA 


. May 19 Price j + or 
ft I 


Creditanstalt .... 215 

Landerbank ; 1B4 

Peri moose r.. 1 299 

Semperit ' 86 

Steyr Daimler ...J 163 
Veltscher Mag ...! 19B 


tB 


-2 
+ 2 
-2 


BELGIUM/LUXEMBOURG 





May 10 

Price 
, Frs. 

, +® p 

ARBED 

' 1^401 -40 

Banq Int A Lux.. 

4,100 


Bekaert B 

8.000 

; -10 

Cl m ent CBR 

I 1,600! +10 

Coekorili 

160' 

-15 

EBES ! 

1,580 

—20 

Eleetrobel 

4,205! 

+ 60 

Fabrique Nat ' 

2.3001 

-100 

G.B. Inno... 

2,2851 

-20 

GBL iBruxU 

1,292' 

-12 

Govnert 

1 1,700 

-40 

Hoboken 

' 3,200! 

+45 

Intorcom : . -.. 1 

' 1,4601 

1 —8 

Kredletbonk | 

4.M0; 

-10 

Pan Hldgs 

1 e.8M| 

! +700 


BELGIUM (continued) 

May 19 j Price | + 01 

' Frs. — 

Petrofina. 

: 4,705 —06 

Royale Beige.... 
Soc. Gen. Banq 

2,795; 

Soc Gen Beige. 

.. 1,156! -4 


3,345. +55 
1.9001 -10 

Solvay 

Tracton Elect. . 

.1 2.840: +15 

UCE. 

2.160 +20 

VieilleMont 

2,085! +15 

DENMARK 

May 19 

i Price I + or 


f * 

j — 

Andelsbanken. 

. tisjai 

Baltioa Skand .. 

. 349.4' 

1 CopHandelsbankl 126 

1 

D. Sukkerfab.... 

. 329 J +2 


126 


East Asiatic 

. 98 

; -1.6 

Forende Berygg 

. 595 

• 

Forenede Damp. 397.4 +2.4 

GNT Hldg - 

267 

, —a 

Jyske Bank 

175 

f -i " 

Nord Kobel 

133 

Novo Ind 

1,630 

> —32 

Fapirfabrlkker 

91.0| 

Pri vat ban ken... 

134.6. 

Provfnsbankan. 

115 

: 

Smidth (Fl» 

. 199.0, 

S. Berendsen.... 

505 

-14.4 

Superfos 

. 93.01 -1 


May 19 

1 

1 Price 

+ or 

mis mm 

1 Frs. 



| Emprunt 7% 1973 _ 6,625| +38 

CHE a% 

1 3,040| 

AlrUquIde 

490 

1 -7 


.' 129 


Au Prlntemps.. 

173 

1 +0.5 

BIC 

540 

! +7 

Bouyguea 

705: -*-9 

BSN Gervaia.-.. 

1 1,525, +25 

Carrefour 

l,650i +30 

Club Moditcr.. 

605 

; -12 

CFAO . 

560 

-2 

CSF< Thomsoni 

, 171.5' +0.5 

Cle Eancaire .. 

. 180 

■ 

Cie Gen Eaux ... 

344 

j +4 

Cofimcg. 

121 

! +1 

Creusot Loire .. 

89 

' +0.5 

CFP 

134.6- -0.5 

DNEL 

43.5' +0.8 

Dumez 

1,043; +B 

Gen.- Occidental 

418 


Imetal 

66.5 1 -0.1 


269. c 

l! —2.6 

L'Oreal 

991 

+ 34 

Legrand 

: 1,670, +20 

Machines Bull ... 

39.7- +1.5 


, 1.375 

HnH 

. 780 

. +12 

Moet- Hon nosey . 

703 

: + 1 

Moulinex 

64.5 +1 

Pernod Ricard.. 

403 

1 +5 


174.6- -03 

Peugeot-S-A 

172 

, +0.8 


138 

+ 1 

Radiotcch 

319 

-3 


1.040; -15 

Rouaael-Uclaf.. , 

308 

+ 02 

lESTtEmiHHi 

594 

+ 4 

Tatemech Elect. 

830 

+ 10 

Valeo 

228 

-1 

GERMANY 



May IS 

Price 

+ or 

Dm. 

“ 

AEG-Talef 

38.7 

-0.3 


470 


BASF 

125.8- -1.2 

BAYER 

120. t 

“J- 2 

Bayer Hypo 

211 

-1 


276.81 +0.3 

BHF-Bank 

308.5 

+ 0.5 

BMW 

205.5 

+ 1.3 

1 

190 

+ 1.3 


143.5 

-0.6 


49.! 

—0.1 

Daimler Befl2_... 

276.8 

“H 


215.7 

+2.2 

Demag 

132.5 

-1.3 


isa 

-Jl. 


270.7 

—15.3 

PU SchulL. 

172 

+2 

Dresdner Bank... 

152A 

-0.6 

GHH 

185 

+ 1 

Hapag Lloyd. ...... 

64 


HoochsL.. ........... 

119.6 

-0J2 


2*2 

—0.3 


396 


Horton 

117.8 

+ 0,3 

Kail und Sals 

146 

+ 0.5 


191 

+0.6 

Kaufhof ’ 

161,7 

+ 0^ 

KHD 

172 

-1.5 


59.5 

-04 


60 

+ 0.5 

Unde 

275 



65.5 

^0.7 

MAN 

165.7 

+0^ 

Mannaamann ..... 

141.1 

+ 1 

Mercedes Hlg 

245 

+ 0,6 

Mctallgessell. 

213 

+ 5 

Muench Ruck .... 

688 

+ 3 

Preunag 

202.5 

+0-2 

Rhein West Elect 

167 

-1.5 

Rosenthal 

264 

+3 

achering 

274 

-0.5 

Siemen._ 

230.2 

+ 0.9 

Hiyssen 

84 

-0.5 

Varta 

156 

4 0.5 

Veba 1 

138.3 

+ 0,8 

Vareln-W at ] 

274 


Volkswagen— .„.] 

153 

41 


h 



HOLLAND 


May 19 


1 Price 
: Fla. 


+ or 


ACF Holding | 

Ahold 1 

AKZO 

ABN- I 

AMEV : 

AMRO —J 

Bndaro Cert .....; 
Boskalis Western, 
Buhnnann-Tet...i 

Caiand Hldgs \ 

Elsevier NDU 

Ennia I 

Euro Comm Tot- 
Girt. Brocades.. J 
Helneken .1 

Hoogovarta 

Hunter Doug los..| 

Int Muller- 

KLM. ! 

Naarden- ! 

Nat Ned cert ; 

Nod Cred Bank...] 
Ned Mid Bank — 

Ned Uoyd> ! 

Oce Grinten 

Ommeren (Van).. 
Pakhoed 


Phlll os 

RIJn-Echclde 

Robeca._ 

Rodamoo- 

Roilnco _.... 

Rorento 

Royal Dutch ....... 

Slavenburg's 

Tokyo Pac Hg .... 

Unilever - 

Viking Res 

Vmf Stork 

VNU 

West utr Bank ... 


85 i 
81.81 
26.5: 
£94 ; 
93.7! 
53.8] 
199 > 
S3.5[ 

47.4 
36.5; 

i54 
129 1 
76.7; 
73.31 
59.7 [ 
lB.e 
• 8.2 
22.4: 
100 

25.1 
118J, 

35.5 
142.51 
119 ] 
114.5; 

26.9 

41.ll 

34^| 

37J 

209.5 

122^ 

208 

149.81 

92.2 

94.3 

319.5! 

156.5; 
121 ; 
84 | 
56.5! 
B8.& 


-0^ 

-1.1 

-1.4 

-0.5 

+0.2 

-0.7 

-2 

-0.8 


+ 0.7 


-0.8 

—1.1 

+0.1 

-0.1 

+0.2 

-1.7 

-0.1 

+o.a 

-o.i 

-0.5 

-11.T 

+0.5 

-0.1 

+0.3 

-0.2 

-0.6 

—1.7 

-0.1 

-1.8 

-0.7 

-J.0 


AUSTRALIA 


1 Price ’ + or 
May 19 !AusL S — 


-3.0 

—I.' 


-1.3 

—0.3 








Assicur Gen 

Banca Com le . . 

1 139,556 + lam 
34,260 +200 
149.75 — 3J5 

Centrals 

Credito Varcalno 

4,400 +50 
7,885 +886 
1,765 +26 

Fin aider 

39.25 +2.76 
2,590 

1 tal cement! 

Itaisider 

Montedison 

33.700 —300 

120S 

126.75 +7JS 
2.570 —30 


3,48! 


Pirelli Spa 

1,408 

+ 18 

Snla Vlscosa 

Toro Assic 

do. Pref 

719 
14.750 
12.2 DO 

+ 86 
— £00 
—90 

NORWAY 



May 19 

1 

Price + or 
Kroner! — 

Sergens Saks...., 

109 

115 

—1 . 

Creditbank. 

Elkem 

135 

51 

—0.5 




540 

Norsk Hydro 

Storebrand 

315 

223 


SWEDEN 



May 19 

Price ; + or 
Kroner, — 

AGA 

209 



A5EA 

163 

T 1 


591 


Atlas Copco 

Boliden 

109 

185 

— i 


219 


Electrolux B 

94.5 

205 

-0.6 


130 


Fagorata 

Forba (Freei 

Mo och Dom 

Soab-Skanla 

Snndvlk (Freei.... 

Skandia 

Skan Enskrlda. . 

SKF B._ 

St Kopparberg... 

Sven Handel 3b n. 

127 
144 
113 
133 
1B0 
460 
226 

128 
270 
112 

Z4' “ 

-i 

Swedish Match..! 
Volvo iFreei 

no 

163 

-i 

+2 

switzwiand 


May 19 

Price 

Frs. 

+ or 


503 

1,000 


Aluauisae _j 

Brown Bovcrl ,...1 

Clba-Golgy I 1,325. 

do (Part Certs i.. 1 1.025' 
Credit Suisse.—..; 

Elektrawatt 

Flaqhor iGeo> 
Hoff-RochoPtCtoBB.750 

Horr-Roahe 1/10' 5,850 

Interfoad ...» 5,650 

Jelmoli 1.330 

Landis ft Gyr 885 

Nestle- 3,290 


—a 


1,800 

2,370. 

445 


- 15 
+ 15 


+ 5 
-5 


-25 

-75 

-15 


-10 


Oer-Buerile- ! l,l3Bi 


Pirelli 

Sandoz (B) — — ...j 
Sandoz (Pt CU1...I 
Schindler (PtCtaH 

Swissair ,....-.1 

Swiss Bank | 

Swiss Relnsce — ..1 6JS00; 
Swiss Valksbk — .1 995 

unionBenk 2,050. 

Winterthur 2,366. 


2851 

4,150’ 

64C 

285] 

718. 

3051 


+ 5 
-1 


+2 


+3 
—3 
— SO' 


—39 
— 50 


ANZ Group I 

Ac row A ust ! 

Ampol Pet 
As BOG. Pulp Pap 

Audimco 1 

Aust. Cons. Ind_.j 
Aust. Guar ant. ...I 
Aust Nat. Inds. J 

Auet. Paper j 

Bank NSW I 

Blue Metal ' 

Bond Hldgs..: H 

Baral 

Bi'vtlle Copper.. 
Brambles Inda... 

Bridge Oil 

BHP 

Brunswick Oil _.( 
ORA ] 

Carlton A Utd ' 

Casttemalne Tys 

Cluff Oil (Aust).. 
Do.Opta ........ 

Cockburn Cemt.| 

Coles (GJ.1.... 

Comal co 

Coctaln 

Crusader Oil 

Dunlop 

Elder Smith GJW.' 

Endeavour Res...] 

Gen. Pro. Trust... J 

Hartogen Energy; 

Hooker 1 

ICI Aust. 

Jennings- ; 

Jimb lanafSOcFP 

Jones (Di..-. ; 

Kla Ora Gold 

Leonard Oil i 

MIM • 

Meekatnarra Ms.' 

Meridian Oil 

Monarch Pet.,....i 

Myer Emp J 

Nat Bank. 1 

News. — ! 

Nicholas Kiwi....: 
North Bkn Hill.,... 

Oakbridgo._ 1 

Otter Expel < 

Panoon 

Ran Pacific 1 

Pioneer Co 

Queen Marg’t G. 
Rcckitt ft Cain ... 

Santos • 

Sleigh (HCi 

Southland M'n’g. 

Spargos Expel... 

Thos. Natwide... 

Tocth 

UMALCona. ... 
Valient ConsdL.. 

Waltons j 

Western MlnlngJ 

Woodsldc Petrol! 

Woolworths 

Wormald Inti 


4.00 

1.35 ; 

1.40 | 
1.56 , 
0.11 

1.55 

2.5 
2.90 1 
1.98 1 
2.75 > 

1.58 
1.16 
2.60 
1.30 
2.25 

3.15 
8.14 
0.19 
3.20 
3^5 
2J16 

3.85 
0.60 
0.38 

1.30 
£.20 

2.1 
1.80 

5.1 

1.02 

3.16 

0.25 

1.59 
2.80 

1.05 
1.63 
1.35 
0.19 

1.60 ' 
0.10 , 
0.16 ; 
3.10 1 

2.40 
0.20 | 
0.08 { 

1.31 I 
2.75 
2.30 
1.45 
1.95 | 

1.47 | 
0.3S 1 
1.68 • 
0.15 

1.40 1 
0.08 

1.85 : 

5.48 
0.87 
0.28 ■ 
0.18 ; 
1.95 ] 

2.55 .; 
1.80 . 
0.12 
0.60 { 
3.70 , 

039 1 

1.65 ; 

2.68 < 


i 


-rO.02 


-0.1 

Zoi'i 


+0.03 

-0.01 


-036 

-OJJS 

-OJ» 

- 0.10 


— OJJS 


+ 0.03 


JAPAN (continued) 


| Price I + a 
May 19 t Yen J - 


+0.1 

-0.01 

-036 


-0.05 


— 031 
+032 


-OJM 


-0.01 
— OJI 
—0.04 


+0.01 
-032 
+ 0J2 


- 0.02 

-o!d* 


+ 0A2 
-0.03 
+ 0.01 
-0.10 
+ 037 


-0.06 

-0.02 

- 0.01 

-057 


HONG KONG 


May 19 


Price! 
H.K.9 j 


+ or 


Cheung Kong,.... 17.3 

Cosmo Prop ■_ 1.80 

Cross Harbour... • 10.9 
Hang Seng Bank.. 91 


+ 0.5 


-^0.1 


HK Electric... 

HK Kowloon Eh„ 

HK Land 

Hk Shanghl Kk...' 
HK Telephone....- 
Hutchison Wpa... 

Jardine Math 

New World Dev_: 
O' seas Trust Bk. 

SHK Props j 

Swire Pac A. 
Wheel'k Mard A ‘ 
Wheel' KMerlU'e 
World Int HldgsJ 


6.45 
5.65 
8.1 ; 
11.6 1 
5135 
17 

17 I 
43 1 
63 


+ 0.15 
->■ 0.20 
-0.3 
+ 0.1 
"1.43 
+ 0.6 
+ 0.6 
+ 0.08 
+ 0.35 


7.35. +03 
12 I +0.4 
6.4 ; +0.26 
4.7 I -0.4 
3.02 +0.07 


JAPAN 


May 19 


Price + or 
Yen J — 


Ajinomoto 

Amada 

Asahf Glass. 

Bridgestone 

Cano cl.... 

Cdlzen ' 

Dai el ■ 

DKBO 

Dai Nippon Ptg...l 

Dalwa House 

Dalwa Seiko. 

Ebara ..: 

Eisai ’ 

Fuji Bank 

Fuji Film.... 

Fujlcawa . 

Fujitsu Fanuc. .. 5,150 

Green Cross 2,250 

Hasegnwa !■ 583 

HaiwaRiEast . ...! 56 2 

Hitachi : 693 

Hitachi Koki ...... 528 

Honda 775 

Housefood 1,130 

Hoya — • -».J 6S7 

ItchiCi ■ 288 

Ito-Ham 395 

Ito-Yokado-: B22 


850 
579 
577 
438 
857 
290 
628 
483 
726 
421 
394 
573. 
894 
500 
.. -500 
...1.380 


-2 
+ 5 
—2 
+ 3 


■2 


+6 
+ 13 
+ 3 
—10 
+ 14 


+ 40 


-50 
: +100 

-6 
i +13 
>11 
! +70 


JACCS 

4AL 

Jus co 

Kajima 

Kao Soap.. . 

Kaihiyama 

Kikkoman... 

Kirin 

Koknyo 

Komatsu .. 


443 

2,300 

596 
..._i 357 

I • 504 

825 
37B 


-5 

+7 

-2 

-20 


443 

901 

495 


— 1 
+ 3 
*2 
-27 
—2 


nuiiioaav : 

Komatsu Flft 415 \ 
Kcnlshroiku — 637 , 


+ 10 


Kubota ’ 330 

Kiimgaal * 434 

Kyoto Ceramic .. 13.530 

Lion 386 j 

MaodaCons 580 

Maklta - I 740 

Manibeni I 290 

Marudai.. 619 

930 

Matsushita >1,160 

M’ta Elec Works. 567 

M'bishl Bank 500 

M'blshl Corp 536 

M’blsht Elect 300 

M'biahi RJ East J 465 

MHI 219 

Mitsui Co._... 387 

Mitsui HI Est_.... 557 

MHsi+koehL- 

MGK Insulators.. 

Nippon Denso.— 

Nippon Gakki 

Nippon Meat 

Nippon Oil - 

Nippon Bhinpan^ 

Nippon Steel 

Nippon Suisan.... 

NTV 4,250 

Nissan Motor„...i 838 





Nisshln Flour J 333 


NKBshln Steel | 

Nomura - 

NYK 

Olympus. 


Orient. '1.380 


Pioneer I 

Renown... 

Ricoh - -! 

Sanyo Elect- 

Sapporo..... 268 

Sekisui Prefab ... 725 

Sharp- 627 

Shieledo 900 

Sony 3.770 

Stanley- j 365 

S'tomo Marine ... ( 228 
Taihel Dengyo.—I 637 

Taisei Corp ; 267 

Taisho Pham, ’ 611 

Takeda. 880 

TDK 3,840 

Teijin I 833 

Teikoku Oil 920 


+3C 






—10 


Toklo Marine 

Tokyo Elect. Pwr.i 

Tokyo Gas nu 1 

Tokyo Sanyo 1 481 ! 

Tokyu Corp ; 204 j 

Toshiba 

TOTO j 

Toyo Seikan 

Toyota Motor -1,130 

Victor '8,380 ! 

Wacoal ; -J 726 I 

Yamaha _i 739 

Yamarald ' 585 | 

Yasuda Fire 237 

lawa Bdge.[ 580 




Y okogawa Bdgi 


SINGAPORE 


May 19 


Price 

3 


+ or " ■* ■>.- 


Bou stead BhtL. 8 J24 

Cold Storage. ' 4.1 

DBS ' B.25 

Fraser ft Ncave...', 5.60 

Haw Par 1 3.13 

InchcapeBhd ! 2.36 

Malay Banking....: 6.35 
Malay Brew...,....: 5.0 

OCBC • 9.1 

Slme Darby.. J 2 .23 

Straits Trg 9.85 

UBO.._ I 4.28 


+o.re? ! ..- r '* ‘ 
+o.i>;/ * i:: 


+ OJ2’-;- - 
+ 0.M;.," 

+ 0.05, 


+ 0.1 - 

+0.84V" .* 
— 0.05 


SOUTH AFRICA 


May 19 


Pries 
! Rand 


+ or 


Abereom I 

AEftGl 

Anglo .....! 

Anglo Am Gold.J 

Amglo Am Prop.- 

Bartow Rond j 

Buff els 

GNA invest 

Currie F1 nance. _| 


'tv . 
V. - 


2.9 I 

7.151 

10.35] +0.WfS^ 

74.5 

2.60 ^ 

7.65 — O.IOr^s. 
35 1 +0.7S 

7.0 


2l05j 


4.83! 

23.5 

£4.0 


De Beers, ...... 

Drlefontein 

FS Geduld- 

Gokl Fluids SA....I 58.5 
Htghveld Steel— 4.1 

Huletts^ _.| 8.5 

Kloor • 30.0 

Nedbank ■ . 5.5 

OK Bazaars...- 18^3 

Protea Hldgs . 

Rem brant. 

Rennies ; 3.55 

Rust Plat... 3.7 i 

SageHldg 2.4 

SA Brews -.1 4.ia 

TigerOata. • 18.5_[ 


—0.5 
-OJB2 .T‘- 


K V ' + 


+ 0JIB 


L>, 


2.35! -0,0- 


9.551 —0.06 V, < 
=t +0.Q6 J 


-0^ 


-OA5 


Unisec .J 3.40i -O.OS 



Financial Rand USS0^2| 

(Discount of lli%> 

BRAZIL 


May 19 


1 • ! 

j Price ; + G r 
I Cruz — 


Aoaita!. i. 

Banco Brasil 14.55; +0.1?. 

Betgo Min 

Lojas Amer .'. • 

Petra bras PP,;.... 

Souse Croz — : 

UnipPE i 

Vale RloOoce.. u .i 



6,40* — 0.10 
6.75;-...-:.. 
10.70, — OM 


lljQOi ._ 
ir nol 




15.00 

16.10! 


-OJi 


Turnover: Cr.2,430.4m. 
Volume; 317.7m. 
Source: Rio da Janeiro SE. 


"‘-V- 


«OTES— Price* ob this page are «a ■ quotsd w 
individual ushengn end are fni vtdni pHcw. fWW 
suspended, jed Ex divtdsnd. ssEx 'sorip issue, zr Ex dflhts- 
n Ex all. 



































































Financial Times Thursday May 20 1982 

Companies mid Markets 



LONDON STOCK EXCHANGE 


e in markets continues in the face of Continental 
I— Index down 10.5 and falls to I in Gilts 




-l-J- 

" ^ 


"•i-Tin 


Account Dealing; Dales 

Dpt: on 

first Doslara- Last Account 
[ions Desiinu Dav 
i 'Ia7 May 14 May 24 
• .,-zy 1 7 June Z June 4 June 14 
June 7 Jane 17 Jane 18 June 28 

*“ New time " dealing may take 
place from 9 am two business days 

— oarlior. 

London stock markets sus- 
•• ' tnined another sharp setback 

■ yesterday on the prospect of full 
military confrontation over the 
Falkland Islands. The slide in 
equity values which began last 
Monday gathered momentum and 
leading shares, although above 

- the day's lowest in many cases, 
still finished with falls ranging 
to double figures. British Funds 
also gave ground, dullness here 
being more pronounced than on 

' Tuesday. 

Apart from the Falklands, the 
marked deterioration in senti- 
ment yesterday was also in- 
fluenced by Common Market 
. developments and, to a lesser 
extent, by worries about any 
. likely backwash from the failure 
of the Wall Street securities 
firm, Drysdale Government, 
Securities. 

Leading industrials made a 
relatively steady start, but some 
sizeable selling emanating from 
the Continent found the market 
in no mood to ahsorb stock. This 

■ was well illustrated by the FT 
30-shar«? index which extended a 
fall of 1.7 at 10 am to one of 
12.1 at 1 pm. A subsequent 
technical rally left’ the index 
10.5 down on balance for a throe- 
day drop of 2S.7, nearly 5 per 
cent 


The FT Actuaries All-Share 
index slipped down to 32651. 
which compares with its recent 
May 10 peak of 33853. 

Yesterday's weakness in ster- 
ling and continuing upward pres- 
sures on short-term interest rates 
contributed to the setback in 
British Funds which also 
encountered overseas selling. 

In thin and sensitive trading 
conditions, dealers backed away 
from offerings and final quota- 
tions recorded falls extending 
to 5 at both ends of the market 
The Government securities index 
fell 0.55 more to 6S.52. 

Grindlays retreat 

Disappointment in the 
absence of bid terms with the 
midday revelation that Bahrain 
and Middle East Bank v/ere the 
recent buyers of Mass Develop- 
ment of Kuwait’s 11 per cent 
stake in Grindlays, the latter’s 1 

share price fell from an initial 

firm level of 235p to 215p on the general malaise with Composites 
liquidation of speculative leading the retreat Sun Alliance 
positions before closing 12 down dipped 18 to 752p and Royals 
on balance at 216p. Elsewhere, 12 to 325p. Pearl, 362p, and 
Lloyds fell 7 to a 1982 low of Hambro Life, 2S7p, lost 10 apiece 
3SSp on further consideration among Life issues with London 
of LBl’s disappointing interim and Manchester cheapening 6 to 
results and fresh concern about 220p. Elsewhere, filinet gave up 
the group’s Argentinian in- 3 to 188p. after lS5p, in the 
terests. Barclays lost 4 to 458p 
and NatWest eased 2 to 418p, 
after 41 6n. 

Merchant banks also came on 
offer with Hambros notable for 
a fall of 7 at 123p. Recently 
firm on hones of a bid from 
Britannia Arrow. Minster Assets 
softened 24 to 77ip. 

Insurances succumbed to the 


240 


220 


200 


180 


160 1 



FINANCIAL TIMES STOCK INDICES 


-i. 

Government Sec3 I 

Fixed Interest. J 

fro'uetrial Ord 

Miner j 

Crd. Div. Yield ; 

earning;, Yld.'vfuHt. 
P:S Eatio fncti ■'! J 


May 

19 


May 

la 


May 

17 


May 

14 


May 

is 


May i year 
12 | ago 


68.52; 69.07' 6 9. 3+ 69.15 69.21; 69.41 66.79 

69.45, 69.81 69.74 69.97! 69.90' 69.78< 68.57 

561.9 572.4 575.C 593.0 585.2 690.9' 544.8 

247.8 240.3; 236.+ 235.0 231.8; 323. sj 366.0 

5.51: 5.43 5.39 5.27 5.32! 5.20! 6.05 

11.44 11.22! ll.Kl 10.90 11.00; 11.C4! 11.83 

10.67 10.69 10.96 I1.2Z : ll.lt II. 16 10.61 


To.al bargains i 15,179! 17,043 16,947! 17.790! 15,467! 16.232; 22,222 

Equity turner/ :r - i 115.61 111-36! 167.16 146.69! 175.45 149.06 

Equity bargains i - ! 11,992' 13,690! I5,835i 15.387! 14,804-' 15,26b 

10 am 570.7. 11 am 666.7. Noon 561 .B. 1 pm 560.3. - 
2 pm 560.7. 3 pm 561 A. 

Basis 100 Govt. Sosa. 10/1026. Fixed Int. 1928. Industrial Ord. 
1/7/35. Gold Mines 12/9/56. SE Activity 1974. 

Latest Index 01-246 8026. 
a Nil -9.39. 


HIGHS AND LOWS 


S.E. ACTIVITY 


3982 


i Since Compilafn; 


High J Low High | Low 


Ma: 


?a y 


H Govt. Sees.. 


Fixed Int... 


Ind. Ord 


Gold Mines J 


Daily 


69.65 l 61.89 127.4 i 49.18 ] Gi ,j* J 

(53/5) , j5/i/ 1 0/1/35} ; (3/ i/m 

62.79 I 150.4 | 50.63 j Bargains!!!! 

I 17/ 1 » (29/11/47) (3/1/75) I Value ' 

618.1 ! 597.3 i 49.4 

<5fT| ;(5ar4/81i (28/6/40) ! 

209.2 • 658.9 f 45/5 'Equities 'j 

(9/3) '(22/3/BO) (28/10/71); Bargains...! 


May 

17 


143.5! 165.3 


69.97 

114/5) 

590.9 

(12.5) 

302.0 

15/1/ 


77.7j 

229.6 


157.5 

„ , 92.9 

Value 1 288.7' 


88.7 

225.1 


162.7 


96.8 

302.6 


absence of the much-rumoured 
U.S. bid. Further profit-taking 
after the good results left C. E. 
Heath down 6 more at 326p. 

Occasional falls in the 
Brewery sector Included Whit- 
bread A and Bass, both down 
3 at IlOp and 228p respectively. 
Elsewhere, Irish Distillers pro- 
vided a bright spot at 65p. up 7. 
in response to the interim 
results. 

After Tuesday’s Jate reaction 
of 14 on talk that a large line 
of shares was on offer, Blue 
Circle shed 16 more to 464p, 
following the chairman’s profits 
warning. Red) and lost fi to 168p 
following the successful bid for 
Cawoods, while Coslain, a poor 
market since the preliminary 
results, gave up a like amount to 
2SSp. London Brick closed 2 
cheaper at 97p despite the chair- 
man’s optimistic statement at the 
annual meeting. Cement Road* 
stone shed 3 to 59p - following 
tbe company’s gloomy statement 
on current trading. George Wlm- 
pey declined 4 to lllp and 
Barratt Developments 3 to 2S7p. 
Against the trend, renewed 
speculative demand in a thin 
market lifted Brcedon and 
Cloud Hill 4 to ISOp, while Til- 
bury Group added 5 to 440n for 
a similar reason. Stanley Miller 
came in for support and put on 
1* to a 19S2 peak of 15p. 

A few pence firmer at the out- 
. set . ICI drifted hack to 3 12p For 
want of attention before closing 
just 2 cheaper on balance at 
3J4p. Flsons shed 4 to 310p. bat 
Amersbam held at 212p. Among 
other Chemicals, recently firm 
Leigh interests shed 5 to 104p; 
the preliminary results are due 
soon. Coalite and Brent Cbemi- 
cals gave up 2 apiece to 1982 
lows of 109p and 114p respec- 
tively. 

Millets Leisure became a firm 
feature in the Stores sector, 
rising 11 to 114p, after llSp, on 
the announcement that Notting- 
ham Manufacturing holds 517,000 
shares in the company and 


Greenfields Leisure advanced 4 
for a two-day jump of 6 to 35p 
on Nottingham Manufacturing's 
holding a n ear-10 per cent stake. 
Still reflecting hid hopes, J. 
Hepworth put on 4 afresh to 
IlOp. Gussies A fell 10 to 480p 
among the dull leaders with 
Habitat giving up 4 to I40p and 
Debeuhaxns 3 to 71p. 

A late rally halved early falls 
to 8 in leading Electricals. GEC 
finished only a few pence off at 
S85p, after SSOp, while Plesscy 
gave up 4 to 418p, after 415p. 
Elsewhere, Telephone Rentals 
lost 10 to 312p and Electro com- 
ponents fell 8 to ISOp as did 
Eurotherm, to 41 5p. Fidelity 
Radio, on the other hand, rose 

2 to 60p on an investment recom- 
mendation and Mulrhead put on 

3 to 138p following a broker’s 
circular. 

Dull conditions prevailed in 
Engineerings. Ahead of today's 
AGM, Spear and Jackson 
cheapened 6 to 88p, while 
Cbemring reacted 15 more to 
350p and Pegler-Hattersley 
declined 6 to 20Sp. Redman 
Heenan softened a penny to 52p 
on the Interim deficit, while 
Laird gave up a few pence to 
116p. H. L. Holdings contrasted 
with a fresh Improvement of 5 
to 300p and F. Pratt revived 
with a similar gain to GOp. 

Foods went with the general 
trend. Tate and Lyle losing 4 
to 182p and British Sugar 5 to 
450p. Northern. 154p, and Rown- 
tree Mackintosh, 172p, shed 2 
apiece, while Cadbury Schweppes 
lost a penny to 97p. Among 
Retailers, J. Sainshury cheapened 
5 to 600n and Associated Dairies 
2 to ll8p, while William Morri- 
son shed 4 to a 1982 low of 
132p. Amos Hinton added 3 for 
a two-day gain of 10 to 320p on 
the good annual results. 

Grand Metropolitan reacted to 
206p on revived rights issue 
rumours before steadying to 
dose 3 cheaper on balance at 
209p. 

The prospect of escalating 
military conflict in the Falklands 
depressed the miscellaneous in- 
dustrial leaders (further yester- 
day and dosing falls ranged to 
14. A rising market last week on 
hopes that the group's Zantac 
anti-ulcer drug might soon 
receive U.S. approval, Glaxo 
declined 14 to B56p, after 654p. 


Unilever fell 11 to 5S5p and 
Boots 8 to 226p, -while Beecham, 
266p, and Bo water, 202p, lost 6 
apiece. Secondary issues were 
featured by a fresh dhow of 
strength in recent speculative 
favourite Johnson Group 
Cleaners, which advanced 9 to 
242 p ahead of today’s AGM. 
Camrex rose 4 to 59p on revived 
hopes of a bid from Hawley, 
while Far East influences 
prompted a rise of 10 to 166p rn 
Jardlne -Mathesou and a gain of 
8 to 165p In Hutchison Whampoa. 
Redfearn National Glass dipped 
3 to 147p after the interim state- 
ment and Mcttoy lost the turn to 
Sn in the wake of tbe annual 
report De La Rue lost 13 to 527 p 
and falls of 9 and 7 respectively 
were recorded in defence issues, 
Diploma, 247 p. and Smiths In- 
dustries, 335 p. 

Motors met scrappy selling. 
Dunlop losing 2 to 66p and Lucas 
Industries 5 to 186p. Aerospace 
concern Dowty gave up 3 to 
125p, but Flight Refuelling 
hardened a penny to 274p. 
Among Distributors, British Car 
Auction, came on offer and shed 
3 to 92p, as did Lex Service, to 
HBp. Henlys eased 2 to 92p and 
Kenning Motor 24 to 57p. 

A couple of fine spots emerged 
in Newspapers; Associated 
touched 228p before closing a 
net 7 up at 2l5p on the announce- 
ment of an oil discovery by 
operators Hamilton Brothers Oil 
and Gas in the Bruce Field in 
which Associated has an 8.33 per 
cent stake. In sympathy. Daily 
Mail A closed S higher at 428o. 
after 433p. Hamilton Oil _ G4L, 
holders of a nominal stake in the 
venture, touched 120p before 
reacting to close 4 down on 
balance at 105p. Elsewhere, In- 
ternational Thomson gave up 13 
to 320p. 

After the previous days 
jump of 53 on the abortive dawn 
raid and subsequent bid at I2Gp 
per shoae, Be in rose Corporation 
touched 13lp before settling 2 
cheaper on balance at 127p; 
bidders Bunzl shed 5 for a two- 
day fall of 13 to 175p. 

Oils subdued 

Oils remained subdued despite 
Shell's betler-than-expected first- 
quarter results. After touching 
422p on the announcement. Shell 
drifted hack to close unchanged 
on balance at 414p. British Petro- 
leum reverted to the overnight 
level of 310p, after 31 6p. 
Lethargic conditions also per- 
sisted outside the leaders. Ultra- 
mar drifted off to close 7 cheaper 
at 413p. while Lasmo slipped to 
325p before picking up to finish 
unchanged on balance at 330p. 
Carless Capel softened a penny 
to 163p with the new nil-paid 
shares 4 down at 24p premium. 
Canadians remained dull. Hum- 


bolt Energy losing 2 more 4o lOp 
and Sceptre Resources shedding 
20 if or a two-day fall of 47 to 
240p. 

Trusts were usually a few 
pence lower while, in Financials, 
Aitken Hume gave up 5 to 190p 
after recent firmness and Exco 
International eased 3 to 195p. 

Shippings were inclined easier, 
with Common Bros closing 5 
cheaper at 195p after the interim 
results. 

Tobaccos came under pressure, 
but staged a mode;# rally in late 
dealings. Bats ended 8 down on 
balance at 43 Op, after 427p, and 
Imperial 3 cheaper at 93p. after 
92-p. Rothmans dipped to 8Sp on 
fading bid hopes before settling 
a net 34 down at Sip. 

Moran Tea last 6 to 292p on 
the disappointing interim state- 
ment Elsewhere in Plantations, 
Harrisons Malaysian Estates 
hardened a couple of pence to 
145p following the 9-month 
figures. 

Golds advanee 

South African Golds staged a 
fresh and substantia!! advance as 
tbe bullion price rose $5225 more 
to $342.5 an ounce amid growing 
concern over the increasing pos- 
sibility of a British invasion of 
the Falkland Islands. 

A substantial amount of the 
buying was reported to have 
emanated from the Continent 
and Johannesburg. 

The Gold Mines index gained 
a further 7J5 to 247.8 bringing 
toe rise over the past six trading 
days to 2LS. 

Among the heavyweights, 
Hartbeest closed a full point 
higher at £234, while gains of 4 
and more were common to Kloof, 
£24, Sontbraal. £127. Western 
Deep, £13, and Western Hold- 
ings, £185- 

In the medium and lower- 
priced issues, Kinross were 
again outstanding and 41 to the 
good at for a two-day rise of 67 
to 36Sp. 

News of encouraging oil and 
gas fl ows from two appraisal 
wells in the Bruce Field of the 
North Sea, in which RTZ has a 
23.3 per cent interest, led to 
heavy -buying of Rio Tinto-Zinc 
which put on 10 to 440p, having 
touched 444p in early trading. 

Australians were little 
changed after quiet and routine 
trading, but Tins provided a 
feature in Pengkalen which im- 
proved 15 to 305p on speculative 
demand. 

Activity in Traded Options im- 
proved considerably and con- 
tracts completed yesterday rose 
to 2 £80-1,900 calls and 360 puts. 
Imps were particularly favoured, 
recording 920 deals, comprising 
86B calls of which 380 were 
arranged in the August 100 
series. 


OPTIONS 


First Last Last For 
Deal- Deal- Declare- Settle- 
Ings ings tion meat 
May 10 May 21 Aug 12 Aug 23 
May 24 June 11 Sept 2 Sept 13 
Jane 14 June 25 Sept 16 Sept 27 
For rote indications see end of 
Share Information Service 
Money was given for the call 
of Chubb, Imperial Group, 


Black and Edgington. Consoli- 
dated Gold Fields. Racal, UDS, 
Humberside Electronic Con- 
trols, J. Hepworth and British 
Printing Corporation. No puts 
were reported, but double 
options were arranged in Cour- 
t a aids, I CL Humberside Elec- 
tronic Controls and Imperial 
Group. 


39 


RECENT ISSUES 


EQUITIES 


Issue 

price 

P 

« a 
§ 3 
o-o 

< §■ 

. 

AJ O 

1982 

3l S 

High 

Lew 

140 

FJ». 

14/5 

170 

140 

«2SO 


23/6 

270 

265 

J60 

FP. 

— 

04 

02 

IS 

F.P. 

16/4 

32 

IB 

5106 

F.P. 

21/5 

109 

105 

(260 

FP. 

4/6 

376 

293 

60 

F.P. 

28/5 

62 

59 

1102 

P.P. 

— 

13b 

122 

4130 

F.P. 

28/5 

151 

140 

*B71«p 

F.P. 

25/6 

SB 

SB 




17 

lO 

*260 

F.Pj 

14/3 

260 

245 

I 1 

F.P. 



275 

260 

jiao 

F.P. 

7/6 

134 

117 

138 

FP. 

13/5 

141 

134 

w 

F.P. 


90 

60 


ASSOC, noai ooinw 
■frBlaeltt Mich sell 20p 
Cam Brian A Gen. 7 op 
•{•Cass Group lOp.... 
■5-Cont. Microwave... 
•SDeBrettfAndre) top 

Dew (George)- 

*Dnick Hidgs. ......... 

EJ'tro-PriteCpUSCO^fl 
ACr*p tnv Option Crts 

*lo Technology 

•jUeb sens Drilling— 
■£■ Leisure inds. — — 


B a 1 

o 


166 

1270 

94 

29 

108 

|355 

60 

125 

150 

88 

, 16 
247 
1260 
117 
134 
60 


-s 


+ 1 
1-5 


+ 1 


Ma 


3s 

S S 
o>- 


bdB.76 1.9 


B9.0 

u3.0 


ud2.6 2.a 
66.25 3 JS 


bB.6 

B5.7 

B2.3 


UQIOO 8.9 


lb 17.6 

b&.O 

Ib2.8 


8 JS t 
2 . 0 ) 
1-2 


03 


UJB 

li.7 

15.0 

1^5 

18.2 

11.4 

6.6 


2JSB8.0 


n J9 


6.6 

8.2 


3J)kQ^ 


FIXED INTEREST STOCKS 


issue 

price 

£ 


o-o 

s-a 

<a 


J90 J95UE25 
'100 L£10 
*4 1F.P. 
4100 I F.P. 
4100 IF.P, 
4100 £10 
siao f.p. 
9100 F.P. 
'107 (F.P. 


_ o 

1982 




-iff 

High 

LOW 

14/7 

85 

am 

1/7 

12 »« 

111» 


136 

136 



47 

39 



46 

45 


11 

11 


lOOTs 

1004 



100 

99 ig 

29/4 

113IS 

1091* 


Stock 


Cred. Fonder de France 143S Lon.2M7 
East Anglia Water 9% Red. Prf. 1987.. 
First Nat. 12<po Conv. Uns. Ln. 1S87„ 
Grt. N'rth’n Inv. 4 pc Net Cum. Prf. £1, 
Do. 4.7po Net Cum. Prf. £1 
Mid-South am Wfr. 9% Prof. 1987;. 
Nationwide Bdg. Soc. 145** t25/4(83) 
Do. 131 b£ (23/6/85) 

Queens Moat 10JSI Cnv.'SB Bl^. 


r+- or 


SS 
5 CL 


231, 

121 , 

236 

47 

48 
11 

100 

99Tg 

112 


-Us 


"RIGHTS” OFFERS 




Latest 

issue 

JI® 

Renune. 

price 

E75 

date 

P 

< a 

m m 

10 

F.PJ 

27/4 28/5 

170 

F.P. 

13/5 24 IB 

185 

F.P. 

21/4 28/6 

AS1 

Nil 

24/5 7/6 

135 

Nil 

28/5 9/7 

20 

F.P. 

30/4 28/5 

5 

FJ». 

10/5 21/5 

10 

Nil 

— — 

500 

F.P.120/5 IBIS 

500 

F.P. 

29.5 18.6 

120 

F.P. 

7/5 4/6 

145 

F.P. 

12/6 7 IS 

18 

Nil 

21/5 4/5 

6 

F.P. 

19/4 21/5 

27 

F.P. 

29/4 27/5 

98 

F.P. 

16/4 4/6 

170 

F.P. 

14/5 11/6 

10 

F.P. 

24/3 23/4 

133 

f.pH 

10/5 10/5 


1988 


High Low 


155, 

190 

161 

lBizpm 1 

44gm 

6 

18l« 

590 

575 

169 

187 

14|>m| 

291* 

107 

&84 

181* 

160 


Stock 


15 Ansbacher (H.t Sp 

180 Bank Leumi (UK) £1 

135 Beazer (C. H.) lOp 

3i*pm Bond Corp 

2Bpm Carless Capal 10p_ 

40 Fisher (A.) 

5 Grovebeii (Sp). 

10 Hallam, Sleigh ft Cheston. 

575 Hammereon Prop 

530 Do. A. 

144 Ulley (FJ^J.) — 

176 Low (Wm.) 20p 

3pm North Kalgurl 

6i« Platignum 5p 

261= Queens Moat. 

99 Riley Leisure 

272 Steel Bros...... 

101* Sturia lOp 

146 Vickers (£1) 


H-or 


11^ 
166 
161 
5i« pm' 
24pm 
40 

a 

10 

585 

535 

170 

176 

4pmi 

81* 

281*1 

106 

242 

11 

152 


+1 


-2 

-la 


-i* 


L_ia 


Renunciation date usually lest day for dealing free of stamp duty, b Figures 
based on prospectus estimate, d Dividend rata paid or payable on part of 
capital: cover based on dividend on full capital, g Assumed dividend end yield. 
t Indicated dividend: cover relates to previous dividend. P/E ratio based on latest 
annuel earnings, u Forecast dividend: cover based on previous year's earnings. 
F Dividend and yield based on prospectus or other official estimates for 1982. 
Q Gross. T Figures assumed. O Figures or report awaited. * Cover allows for 
conversion of shares not now ranking for dividend or ranking only for restricted 
dividends. § Placing price, p Pence unless otherwise indicated. 1 1ssued by 
tender. |) Offered to holders of ordinary shares es a "rights." “Issued by way of 
capitalisation. §§ Reintroduced. 11 Issued in connection with reorganisation, 
merger or take-ovar. ||fl Introduction. □ Issued to former preference holders. 
■ Allotment letters (or fully-paid). • Provisional or pardy-peid allotment letters. 
■k With worrants. ft Dealings under special Rule. Unlisted Securities 
Market. It London Listing. * Effective issue price after scrip, t Formerly 
dealt in under Rule 163(2) (e). *t Unit comprising five ordinary and three 
Cap. shares. A Issued free os an entitlement to ordinary holders. 


ACTIVE STOCKS 


Above average 

activity was norerf 

in the following 

stocks yesterday 


Closing 



Closing 



price 

Day's 


price 

Day's 

Stock 

pence 

change 

Stock 

pence 

change 

Beecham 

266 

- 6 

Hepworth (J.) . 


+ 4 


464 

-16 

Imperial Group . 


“• 3 



-14 

Milieus Leisure . 


+n 


209 

- 3 



- 6 

Grindlays 

216 

-12 

RTZ 


.+10 

Hamilton Oil 

105 

- 4 

Shell Transport . 


— 


TUESDAY’S ACTIVE STOCKS 

Based on bargains recorded in S.E. Official List 


Tuesday’s 


Tuesday's 


Stock 


No, of closing 
price price 
changes pence 

Day's 

change 

Stock 

No. of closing 
price price 
changes pence 

Day’s 

change 

Bamrose 


18 

129 

+53 

Nat. West. ... 

10 

420 

+ 2- 

Haslmre 

Ests. 

15 

362 

- 2 

RTZ 

10 

430 

- 3 

Minet 

Hidgs. 

15 

191 

+ 4 

Shell Trans.... 

10 

414 

- 2 

Glaxo 

13 

670 

- 7 

BP 

9 

310 

- 4 

Unilever 


13 

596 

-1* 

Hv/kr. Sid' ley 

9 

320 

— 

BTR ... 


10 

. 31B 

- 8 

Racal Elect. ... 

9 

410 

- 7- 

GEC ... 


10 

888 

- 2 

Royal Ins. ... 

9 

337 

— 


FT-ACTUARIES SHARE INDICES 

These Indices are the joint conqjDatioa of the Financed Tones, the Ins&tote of Achates 

and the Faculty of Actuaries 



EQUITY GROUPS 

Wed May 19 1982 

Tues 

Mm 

9 

Frl 

14 

Thw 

Ife9 

13 

Yew 

280 . 
Mpns2 

& SUB-SECTIONS 

Figures fn parentheses show rentier of 
stocks per section 

lodes 

NR 

Oafs 

Chaige 

% 

Esl 

Earrings 
YieM % 
(UxcJ 

Gres 

Us. 

Yield % 
(ACT 
al 30%) 

EsL 

WE 

Ratio 

(Net) 

bdet 

No. 

Meat 

No. 

tads 

No. 

tads 

Na 

tad « 
No. 


rAPtTAJ GOODS f208) 

388.95 

-0.9 

936 

425 

12.89 

38425 

38825 

39232 

39168 

33974 



33588 

-U 

3363 

525 

8.64 

33933 

34621 

34760 

34740 

38570 

3 

4 


60846 

137730 

478-51 

-1.7 

1436 

5L0S 

829 

0091 

62*27 

627.75 

63302 

563-96 

EkxtrkaksGV 

-0& 

-12 

6.77 

1331 

2J5 

639 

2090 

063 

1VW06 

48139 

339600 

48453 

2409,79 

49802 

139918 

499.78 

702778 

49L94 



— LO 
-U6 
—2.4 

1131 

1051 

0.84 

532 

1033 

29077 

28239 

20404 

20440 

mu> 

8 

Metals and Metal Forming CL1) 

16226 

91-70 

732 

7.43 

1195 

16329 

93J» 

16463 

94% 

36815 

9611 

16878 

%82 

IBM 

incgj 

10 

21 

22 


-ViP.il 

-03 
— U5 

1032 

53S 

1209 

3632* 

36 152 

375.43 

37948 

36772 


3ffiL7a 

1303 

566 

932 

30632 

38897 

31516 

31295 

27950 


307.04 

-L4 

1534 

6.44 

738 

31149 

31528 

31766 

31365 

30451 


262-30 

-12 

1730 

730 

570 

26531 

26547 

27614 

27552 

25322 

26 

27 

29 

■32 

33 

34 

35 

36 
39 

41 

42 
44 


581.97 

-0.9 

9.73 

3.66 

2233 

58696 

58336 

59361 

58949, 

5ZL97 

Health and Household Products (8) 

453.19 

444.78 

—23 

-0.9 

766 

1022 

339 

510 

15-16 

1219 

45066 

44068 

46368 

45224 

47459 

45710 

46717 

45433, 

30301 

42*68 

IhwpwK PnhEttilng ft?) 

526.56 

-HL4 

12.80 

5.95 

599 

52463 

5Z3J7 

52987 

53160 

587-90 


143.64 

-L7 

15.91 

7.40 

731 

14616 

14688 

14897 

14800 

14472 


275.06 

-16 

3078 

4.99 

1231 

27954 


28898 

287.91 

28L98 


170.42 

-13 

3039 

534 

1212 

37266 

D443 

18846 

37987 

155% 


323-89 

-23 

22.71 

834 

4.96 

32946 

338% 

34471 

33955 



285-87 

-19 

0.48 

527 

— 

29139 

2S2.93 

29863 

29238 

30590 


25129 

-12 

13.72 

635 

078 

25444 

25629 

25938 

25913 

22956 


331-48 

-0.7 

33-87 

7JQ 

839 

333.94 

33524 

34843 


28702 


110-95 

-23 

1432 

7.87 

040 

11326 

13282 

11535 

11409 

11332 


555.95 

-10 

2026 

7.41 

598 

56175 

56518 

57613 

s/600 

56280 



323.75 

-17 

1165 

527 

1044 

32924 

33337 

33523 

33619 

29704 

49 

INDUSTRIAL GROUP (487) — 

32LB5 

-12 



51 

0*03). . 

732.73 

-02 


flLfi 

59 

500 SHARE INDEX. — 

35528 

-10 

1145 

567 

098 

359JU 

36232 

367.91 

365.91 

33621 

61 

62 


244.47 

-13 

— 

6-78 

— 

247-65 

2481 




250.75 

26935 

24829 

24708 


264.39 

-10 

39-W 

013 

276 

26715 

26923 

26701 


233-60 

-11 

— 

9.72 

— 

23621 

23621 

z£U6 

238-63 

283.21 



255.19 

-22 

— ■ 

7.17 

— 

260.94 

15255 

49435 



au 

*i 

26630 

15699 

49211 

15481 

37672 

66 

Insurance (Composite) (10) 

349.74 

48537 

-18 

-18 

1141 

9.45 

535 

1190 

15322 

49843 

15741 

49277 



144-19 

-22 

— 

588 

— 

14750 

14807 

1*713 

14822 

25639 



419.92 

-06 

526 

326 

2525 

42238 

42363 

42494 

42701 

47851 



176-89 

—03 

1730 

546 

549 

177.73 

17715 

17599 

Z75L1Z 

17860 



30127 

—0.7 

— 

537 

038 

38530 

28538 

304. 

n l 

305.71 

» 

38549 

20942 

303*5 

26752 



208.73 

+16 

14.96 

6.75 

207.(0. 

eft-53 | 

91 

99 

Overseas Traders Q.7). 

ALL-SHARE INDEX (750) 

356.97 

32631} 

-07 

-id! 

14.73 

091 

591 

030 

359.47 

330J0 

36L1 

33L 

W 

1— 

38301 

3369 

H 

r 

36750 

33587 

T 

4JEL99 

31842 


fixed interest 


PRICE 

INDICES 


■ ret.e- 

VIUUI 

5 years — 
5-15 wars. 


Over 15 years— 

imdHnefifes— 

AH Stocks -1 


Datawares ftLmMl 


7 1 Preferen ce , 


Wed 

9 


33X04 

13X32 


12412 
117 JB 
11177 


8742 


6451 


Day’s 

change 

% 


-036 

-aw 

-a» 

-127 

-060 


-029 


-0X4 


Tues 

•5 


11144 

11126 

3KV 

119.26 

132.45 


87-60 


6460 


slag. 


«da* 
1962 
10 Me 


461 
4 O 
522 

un 

472 


4M 


- I 3J3 !l 4 


AVERAGE GROSS 
REDEMPTION YIELDS 


Low 5 years — 

Colons 15 years..-. 

25 yews — 
Medan 5 years.— 

Coynes 35 yos..^ 

25 yews.— 

ffigh 5 years. 

CWpons 15 

25 years.... 
InedeereAfes. 


Mi ft Loan 5 years..- 
15 yeae— 
25 yeas.. 




Wed 

9 


UM 

12.74 

3Z3B 

2432 

1327 

1338 

1405 

3496 

1159 

T2JS 


Tues 

May 

18 


1L49 

3262 

w« 

13.96 

IftT* 

1127 

1189 

1195 

1149 

2228 


2495 

3479 

2468 


11 K34 


3495 

3476 

2465 


Year 

■9° . 


3208 

1272 

3285 

3195 

1445 

1406 

3195 

3462 

3426 

2228 


K32 


34.99 

2505 

25X3 

2497 


t Flat yield. HtflteaialtowBigairabamtWa^igliiM^consat^dapgesa rejadili^ m a ftFgyteii&AjiwirfbtofmiBCIue^ls 
LaffaWeftamlf* PWWsflfifSy Tfw RnandaMTraes, Sracte) House, Cmcn And, lank* EC4P 48 Y, price 15 r. by pat 


NEW HIGHS AND 
LOWS FOR £982 

The renewing quotation-, in the> Share 
Infcrmatlon Service vestertay atulrud new 
H «fw and Lows tor 19H2. 

NEW HIGHS (16) 


AMERICANS m 
BANKS (1) 
BEERS «.1Y 


town 
Grlntflaya 
Irish Cistttters 

BUILDINGS m 

Beeedon Lime MWer CStanO 

STORES (3) 

Grccnheids MU ten* Leisure 

Hepworth (J.) 


ELECTRICALS (1) 
FOOOS (1) 


INDUSTRIALS (21 

JanHne Matheson 


Mulrhead 
Safeway 
CamreK 

LEISURE (II 

Samuetson 

NEWSPAPERS (2) 
Associated News Bally Mali A 

PROPERTY (U 
Bearer (C. H.i 

NEW LOWS (68) 

AMERICANS (3) 

Crown ZellerOach Mfrs. Hanover 

Lone Star 

CANADIANS (5i 

Bank Montreal Roy at Bank Canada 

Can. imperial Bank Trans Can. Pipe 

Into 

BANKS (21 

Lloyds Bank Royal Bfc. Scotland 

CHEMICALS (2) 

Brent Chcmfcafe CoaHre 

STORES (1) 

AJ Intone 

ELECTRICALS (21 

Chlorkte 7i»c Com. Telephone Rentals 
Canv. Pret. 

ENGINEERING C41 
Donfcs Gowerton Eva Inds. 

Spear & Jackson 

(■» 

Squirrel Horn 
Tate A Lyle 
United Biscuits 


CuHons A 
Lenrons Grove 
Morrison (Wj 

INDUSTRIALS (t6> 
Anw/e’d Metal De La Rue 

Barest 

BcHair Cosmetics 
Bcmater 
Brcnpreen 
Barca Dean 
Caravans hrtl. 

Dalaety 

INSURANCE (SI 
Ale-ander & Alex. Pearl 
General Accident Sun Alliance 

London & Manch. 

LEISURE 111 
Man. Abo. a Music 


Gteves Group 
Long & Hambly 
Meet or 
Do. Dew. 

Peek Hides. 

Rank Organisation 
Sunehlll Hidgs. 


MOTORS <7) 

Jessups 

Quick m. a s.j 

Young CHJ 


Applevard 
BSG Inti, 
catyia 
Henlys 

PROPERTY (Si 

AHnatt London Lynton Kldgs. 

Chimhburv Ests. Peachey 

Ests. Prop- Inv. 

SHIPPING (1l 

Common Bros. 

SHOES (1) 

Scott (David) 

OILS (21 

Sceptre Res. Westtori Pet. 

OVERSEAS TRADERS (41 
Crosby House Harrison CroMtcId 

GUI A Oiiftua Mitchell Com 

MINES (II 

Metre mar Mines 


RISES AND FALLS 
YESTERDAY 

Rises Falls Same 

British Funds 2 88 2 

Corpns Dorn ft 
Foreign Bonds 1 38 38 

Industrials 38 467 778 

Flnanea! & Props 41 186 209 

Oils 6 39 62 

Plantations 4 1 18 

Mines 55 M 84 

Others 27 74 52 


Totals 


234 920 1203 



•a -7 -.ffciv-- • 



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Companies and Markets 


CURRENCIES and MONEY 



oJIar recovers 


THE POUND SPOT AND FORWARD 


The dollar recovered in 
currency markets yesterday as 
U.S. interest rates were mostly 
firmer. Trading was extremely 
thin with most of Europe closed 
today for a holiday. 

Sterling fell on further signs 
that a peaceful solution to the 
Falkland Islands crisis was un- 
likely with rates tending to flue* 
tuate quite sharply in fain and 
nervous trading. 

DOLLAR — Trade - weighted 
Index II 3.4 against 113.2 on Toes* 
day and 106.5 six months ago. 
Three-month Treasury bills 12 M 

per cent (9.95 per cent sis 

months ago). Annual inflation 
rate 6.8 per cent (7.7 per cent 
previous month) — The dollar 
rose tc DM 2.3205 against the 
D-mart: from DM 2.3150 and 
SwFr 1.9750 from Sv/Fr 1.S8S0. 
Tt was 3 lsn h letter ncainst the 
yen at Y239.10 from Y233.9fl and 
FFr 6.0550 again.vt FFr H.0125 in 
terms of the French -franc. 

STERLING — Trade weighted 
index 39.6 unchanged from 
lunchtime and down from 90.0 
at the opening end 90.0 on Tues- 
day (90.6 six months ago). Three- 
month interbank 13 1 * per rent 
(14^3 per cent six months ago). 
Annual inflation 10.4 per cent 
< 11.0 per cent previous month). 

Sterlinc: npened at S1.S120 
acain?t the rtnliar hut fell to a 
low of SI. 7930 late in the dav be- 
fore finishing at SI. 7980-1 .7970. a 
fall of 1.75c, its lowest level for 
two weeks. Atm Inst the D-mark 
it fell tn DM 4.17 fmm DM 4.20 
and SwFr 3.5550 from 
SwFr 3.5725. It was also lower 
aeainst the Fron-fa franc at 
FFr . in S750 compared with 
FFr 10.9030. 

D-MA EK — EMS member 
(strangest). Trade weighted 
index 125 JJ against 125.0 on Tues- 
day and 122.4 six months ago. 
Three-month interbank 8.95 per 
cent (10.90 per cent six months 
ago). Annual inflation 5 per cent 
(52 per cent previous month) — 
The D-mark was slightly firmer 


overall in Frankfort yesterday in 
thia trading ahead of today's 
national holiday. The dollar was 
fixed at DM 2.3159 compared with 
DM 2.3194 on Tuesday, having 
recovered from an early quota- 
tion of DM 2.3070. Elsewhere 
sterling slipped to DM 4.1710 
from DM 4.1S60 and the Swiss 
franc was lower at DM 1.1720 
from DM 1.1759. Within the EMS 
the Belgian franc fell to 
DM 5.294 per BFr 100 from 
DM 5.297 and the French franc 
was weaker at DM 38.39 per 
FFr 10O from DM 38.42. 

BELGIAN FRANC— EMS mem- 
ber (second weakest). Trade 
weighted index 95.8 against 95.7 
on Tuesday and 10S.6 six months 
ago. Three-month Treasury bills 
13.75 per cent (15 per cent six 
months ago). Annual inflation 3.4 
per cent (7.1 per cent previous 
month) — The Belgian National 
Bank spent the equivalent of 
BFr 7.6bn last week m defending 
the Belgian franc in the foreign 
exchange market, according to 
figures released yesterday. This 
was up from BFr 1.9bn the 
previous week and reflected a 
weaker tendency in the franc last 
week, being fixed at its floor level 
against die D-mark on one occa- 
sion. The dollar was fixed at 
BFr 43.7575 yesterday against 
BFr 43.8525 while sterling 
slipped to BFr 78.8550 from 
BFr 79.0475. 

SWISS FRANC — Trade 


Belgium 73. 40-79 JO 
Denmark 14.13-15.2.1 


2-1 *,c pm 
1S-25C dis 
7V84ore tils 


May IS spread Close One month 

U.S. 1.7930-1.612) 1.7350-1.7970 0.21-0.31 c dte 
Canada 2.2130-2.2510 2 -2210-2 -2220 0.50-0.fl0c dis 
Nathlnd. 4.61-4.66 4.63-4.M 2-1 pm 

Belgium 73. 40-79 JO 78.70-78-30 1S-25c dis 

Denmark 14.13-1 4.21 14.1S-14.16 TvVgon die 

Ireland 1.2025-1.2085 1.2Q30-1.2M0 0 55-0.71? 61* 
W. Gor. 4.15-4.19 4.1fi»r4.17 1 i iVI’spI pm 

Portugal 126.25-122.25 127.00-127.S0 115-2850 bis 
Spain 185.00-186^0 135,35-185.55 50-70c dis 
Italy 2.303-2.324 2J11 -2.313 19-3 lire die 

Norway 10.72-10.82 10.75-10.76 3V-4 T ioro dis 

Fiance 10.83-10.91 10.87-10.SZ ir-r-ISbc dis 

Sweden 1O.4M0.50 10.44-10-45 3«ora pm- 3 * dis 

Japan 426-433 429-430 2. 55-2 J5y pm 

Austria 29.27-29.52 29.35-29.40 15-11gro pm 

Swltz. 3£3>.-3.5B'i 3.55-3.56 3VZteC pm 


Spam 

Italy 

Norway 

Fiance 

Sweden 

Japan 

Austria 

Swltz. 


2.303-2.324 2J11-2.313 19-3 lire die -10.30 5S-64 dis 

ly 10.72-10.82 10.75-l0.7fi 3V-4 T ioro dis -4-31 8»j-9»» dis 

i 10.83-10.91 10.87-10.SZ ir-y12bc dis -20.41 37-40 dis 

in 10.4MO.fiO 10.44-10 45 =4 ora pm-** dis 0.43 H P"»-ta dis 

426-433 429-430 2.55-2 J5y pm 8.70 6.75-8.45 pir 

i 29.27-29.52 29.35-29.40 15-1 Igro pm 5 .31 37-28 pm 

aiSIrSWi 3.55-3.56 3VZ 7 tc pm 10.55 8^.-8^ pm 

Belgian rate ia for convertible francs. Financial -franc 86.65-86.75. 
Six-month forward dollar T. 12-1 .22c dis, 12-montf> 1.B8-2.03e dis. 


% Three 
p.a. months 

-1.74 0.80-0.70cfis 
-2.97 1.35-1 .45 dis ■ 
4.63 5*4 -4 ^ pm 
—3.06 53-so dis 
— fi.ffi IS’j-aflWts - 
—6.48 1.82-1 .9Sdis ■ 
4.68 5-4** pm 
-18.88 315-1000 - 

-3.88 300-Z35 die • 
-10.30 5S-64dis - 
-421 Zh-Vt dis 
-20.41 37-40 dis - 
0.43 H pm- 5 # dis ■ 
8.70 6.75-8,45 pm 
5.31 37-2B pm 
10.55 Va-V* pm 


THE DOLLAR SPOT AND FORWARD 


May 19 
UKt 

Ireland t 
Canada 


spread Closo Ona month 

1.7S30-1.S12D 1.7960-1.7070 0-21-O.31C dis 
1.4S45-1.5000 1.4345-1.4960 0.67-0. 57c pm 
1 2350-1.2380 1.2355-1.2370 0.1Z-Q.15c dis 


Nathlnd. 2.5700-2.5775 2.5700-2.5750 


1 .37-1 .27c pm 
4-7c dis 


Belgium 43.70-43.S3 43.81 -43.S3 4-7c dis 

Denmark 7.8640-7.5730 7 8740-7^790 2-3'jOrc dis 
VV. Ger. 2.3075-2.3225 2.32C3-2.2210 1 24-1.19pf pm 

Portugal 70.00-70.S0 70.65-70.90 S0-200C dis 

Spain 102.90-103.20 103.15-103.25 1 5 -23c dis 
Italy 1,283-1.2874 1.2SSV1.287*? 9-10 lira dis 


Portugal 70.00-70. SO 
Spain 102.90-103.2 


Italy 

Norway 

France 

Sweden 

Japan 

Austria 

Switz. 


5.9300-5.9840 5.9810-5.9S40 1.50-1.90ore dis -3.41 2.70-3.10dts -1.94 


6.0150-6.0650 6 0525-6.0575 dis 

5.7905-5.8100 5.5000-5.8100 1.20-1.95ore pm 

237.35-239 25 239.05-239.15 1.70-1 .60y pm 
16.25V16.3V4 15.254-16 Jfi‘i lOV9gro pm 
1.9675-1.9330 1. 9775-1. 97S5 2.04-1. 94c pro 


-16.9 17-184 die -11.76 
±32 2.60-2.45 pm 1.74 
8J8 4.55-4.45 pm 7.52 
8.00 254-224 pm 5.88 
1247 5.42-5.32 pm 10.85 


t UK* and Ireland are quoted in U.S. currency. Forward premiums and 
discounts apply to the U.S. dollar and not to the individual currency. 


CURRENCY MOVEMENTS CURRENCY RATES 


1 Bank of 1 Morgan 
: England i Guaranty 
Index .Changes'* 


'Bank! Special I European 
May 19 rate Drawing ( Currency 
2 Rights | Unite 


weighted index 146.4 against 
146.7 on Tuesday and 153J5 six 


months ago. Three-month inter- 
bank 3i per cent (9J per cent six 
months ago). Annua? inflation 5.6 
per cent (4.7 per cent previous 
month)— -The Swiss franc was 
easier against the dollar in 
Zurich yesterday in very’ quiet 
trading. The dollar was quoted at 
SwFr 1.97S5 up from SwFr 1.9743 
at the opening, reflecting a fall in 
Swiss interest rates as the Swiss 
authorities ensured that domestic 
liquidity levels remained high. 


Sterling • 

U.S. dollar. 

Canadian dollar. .. . 
Austrian schilling.' 

Belgian franc 

Danish kroner. ■ 

Deutsche mark ' 

Swiss franc- 

Guilder ........ 

French Iranc 

Lira 

Yen. .... 


B9.6 | 
113.4 : 

Bfc.8 , 
118.7 | 

95.8 ' 

84.9 . 

125.3 

146.4 

115.5 , 
79.8 = 
54.5 

137.1 I 


Sterling ; — 

U.S. s ! 12 

Canadian S. 15.41 
Austria Soh.: 6»s 
Belgian F.....' 24 
Danish Kr...; 11 

D mark. I 7*2 

Guilder....... 8 

French Fr....- 9i; 


0.628861 

1.13195 


Lira 29 


Based on trade weighted changes tram 
Washington agreement December. 1971. 
Bank of England Index (base average 
1975=100). 


Yen ! 6 is 

Norwpn. Kr.' 9 
Spanish Pts. 8 
Swedish Kr. 10 
Swiss Fr..... ' 5': 
Greek Dr’ch. 20 4 


18.4678 
49.5 513 
8.91128 
2.62148 
2.91534 
NIA 

1455.40 

268.725 

6.77415 

116.869 

6.56531 

2.23843 

71.6751 


0.571846 
: 1.02836 
1 1 .37270 
' 16.7931 
45.0226 
8.09319 
! 3.38250 
2.64957 
6.21285 
2322.22 
345.027 
6.15216 
'• 106.127 1 
5.97271 
'2.03515 
65.1157 


s CS/SDR rate for May 18: 


OTHER CURRENCIES 


EMS EUROPEAN CURRENCY UNIT RATES 


, Note Rates 



ECU 

central 

rates 

Currency 
amounts 
against ECU 
May 79 

% change 
from 
central 
rate 

% change 
adjusted for 
divergence 

Divergence 
limit % 

Belgian Franc ... 

44.5363 

45.0216 

+0.73 

+1.05 

±1.5440 

Danish Krone 

B.183B2 

8.09319 

-1.11 

-0.79 

±1.6428 

Garina n D-Mark 

2.41816 

2.38250 

-1.47 

-1.15 

±1.1037 

French Fran : ... 

6.73554 

6.21283 

+023 

+0.60 

±1.3743 

Dutch Guilder ... 

2.67296 

2.64957 

—0.88 

-0.56 

±1.5069 

Inch Punt 

0.686799 

0.687856 

+0.16 

+0.4S 

±1.6689 

Italian Lira 

1305.13 

1322.21 

+1.31 

+1.31 

±4.1242 


Argentina Peao„.'25.585 35,625 
Australia Dollar...! 1.7020-1.7040. 


Changes are tor ECU. therefore positive change denotes s 
weak, currency. Adjustment calculated by Financial Times. 


Brazil Cruzeiro.... 288.72 889.72 
Finland Markka.., 6.0098.117 ' 
Greek Drachma..! 112J48-U&.G34 
Hong Kong Dollar 10.277 1 0.29 ■ 

Iran fhal 146.60* | 

Kuv/aitDinanKDi' 0.5140 0.5150 
LuxembourgFr..,; 78.70-78.80 i 
Malaysia Dollar .. 4.115 4 125 ' 
New Zealand Dir. 2.3580-2.5420 
Saudi Arab. Rlyai; 6.170-6.177 ! 
Singapore Dollar.! 3.7475-3.7575 
Sth. African Rand/ 1.9295 1.9315; 
U.A.E. Dirham 6.5995 6.6105 ! 


14.000-14. 250t Austria 

0.9475 0.94 80 Belgium. 

160.28 161. 08 1 Denmark 

4.5150-4.5170 France 

63.00-63.20 ‘Gern.-.ny 

5.7190-5.7230 Italy 

81.35* .Japan 

0.2858 0.2660 ; Netherlands.. 
45.81-43.85 'Norway...— 

2.2900-2.2920 Portugal. 

1.3016-1.3055 Spain 

3.4310 3.4350 Sweden- 

2.0850 2.0870 ' Switzerland 
1.0740 1.0750 United States. 
3.6715-3.6735 ; Yugoslavia— 


.- £9 J5-29.55 
. 86 J&-S7.25 

. 14.1014.24 
. - 10.82 10.92 
4.15-4.19 
.' 2285-2315 
430-435 
. 4.61'2-4.65lj 
. 10.73- 10.83 
. 124 1 £ - 130 

179-188 <s 
10.42-10.52 
.. 3.54 -3.58 U 
' 1.79-180 

.i 8012-98 


French Franc 10 
Swiss Franc 


Dutch Guilder 
Italian Lira 1,000 


0.767 ' 1. 

1.538 2.003 


498.8 ' 0.479 16.99 

1000. I 0.961 { 34.06 


Canadian Dollar 
Belgian Franc too 


1041. I 1, 

2936. I 2.821 


FT LONDON INTERBANK FIXING (11.00 a.m. MAY 19) 


3 months U.S. dollars 


6 months U.S. dollars 


bid 14 If/ 16 ; offer 14 15/16 | bid 146/6 offer 145 <4 


The fixing rates are the arithmetical means, rounded to the Merest ons-sbetaonth, 
of the bid and offered rates for SlOm quoted by the market to five reference banks 
at 11 am each working day. The banks are National Westminster Bank. Bank of 
Tokyo. Deutsche Bank. 8anque Nationals de Paris and Morgan Guaranty Trust. 


EURO-CURRENCY INTEREST RATES (Market closing Rates) 


SDR linked deposits: one month 14V14S per cent: three months IS'u-IS 1 *]* pgr cent; six months 13H k -13 n t* per cent: one year per cent. 

ECU linked deposits: one month 1SV.15>Vb per cent: three months 14V15 per cent: six months 13 a j**14V* per cent: one year 13 7 »-13 u » per cent. 
ision S (Closing rotes in Singapore): one month 14V 15 par cent: three month; MV 144, per cent; six months 14VM* per cent; one year 1A> r ld’ s per 

coni. Long-term Eurodollar two years 14V-15 par cent: three years 14V15*» per cent; four years 15-15*4 per cent; five year; 15 J t-15 , » per cent nominal closing 

rates. Short-term rates are call for U.S. dollars, Canadian dollars and Japanese yen: others two days' notice. 

The following rates were quoted (or London dollar certificates of deposit: one month 14.55-14.65 per cent: three months 14.40-14.50 per cent: six months 

14.30-14.40 per cent; one year 14.10-14.20 par cent. 


EV28NEV MARKETS 


EUROCURRENCIES 


Further rise fit Loudon rates 


UK clearing bank base leading 
rate 13 per cent (since 
March 12) 

SborMerci interest rates 
remained firm in London yester- 
day’. as market nerves increased 
about the Falkland Islands crisis, 
and Britain's row with its EEC 
partners over farm prices. As 
sterling weakened in foreign 
exchange trading. London 
interest rates rose by about i 
per cent, and the Bank of 
England moved to dispel market 
fears by taking out the full 
money market shortage before 
lunch. 

Day-to-day credit was in short 
supply by about £o50m. accord- 
ing to the morning forecast from 
the Bank of England. Major 
facors were: bills maturing in 
official hands and a net market 
take-up of Treasury bills — £437m. 
coupled with a rise in the note 
circulation — £50m. These out- 
weighed Exchequer transactions 
+£50m. 

All the assistance to the market 
was provided in the morning, 
when the Bank of England 
bought £369ra -of bills from the 
market. 

This was by way of £Sm bank 


bills in band 1 (up to 14 days 
maturity) at 13! per cent £53m 
bank bills in band 2 (15-33 days) 
at 13 per cent: £l22m bank bills 
in band 3 (34-63 days) at 125 per 
cent: flflm Treasury’ bills in band 
4 164-91 days) at 121 per cent; 
£12m local authority bills in band 
4 at 12} per cent: and £155m 
bank bills in band 4 (64-84 days) 
at 123 per cent 

In New York the Federal 
Reserve Bank added reserves to 
the banking system by overnight 
repurchase agreements, when 
Federal funds were trading at 
152- pet cent. This was seen as 
a steadying move following the 
collapse of Drysdale Government 
Securities nn Tuesday. Interest 
rates were firm on weekly make- 
up day for the banks, with over- 
night funds trading at 142-15J 
per cent during the morning. 

In Paris the Bank of France 
offered to iDject money market 
liquidity through purchases of 

first category paper for value 

May 25. The scale of help and 
interest rate will be announced 
on May 24. At yesterday’s 
auction of three-month Treasury 
bills the yield rose to 16.414 per 
cent from 16.29 per cent at the 


previous auction on May 13 . Bids 
totalled FFr 2.932bn, and the 
authorities allocated FFr 2.502bn. 
An auction of IS-month floating 
rate Treasury bills was also held, 
commanding an interest rate 
indexed to the monthly average 
call money rate, which is at 
present 165 per cent The central 
bank allocated FFr 2.015bn on 
bids of FFr 7.S10bn. A further 
auction of three-month and six- 
month bills will take place on 
May 25. 


Eurodollars 

steady 



B 0 J f M A H 
1981 1982 


Eurocurrency interest rates 
were steady in fairly quiet trad- 
ing yesterday. Eurodollar rates 
showed little change, hul sterling 
rates had a firmer trend, reduc- 
ing the dollar's discount against 
the pound in the forward 
market. Euro D-mark rates 
moved by only 1/32 per cent, but 
the German currency had a 
slightly easier trend in the post 
spot market, while forward 
rates recorded a narrowing of 
the D- mark's forward premium 
against the doll?r. Swiss franc 
forward premiums also fell 
although Euro Swiss franc rates 
nnntinucd the recent downward 
trend. 

Elsewhere rates were fairly 
steady, reflecting tho early 
cicuing of several European 
venires for the Ascension Day 
holiday. 

Euro French franc rates were 
little changed, while the im- 
provement of the dollar against 
the franc in spot trading, 
pushed the French franc 
sliqhtly firmer in the forward 
market. 


LONDON MONEY RATES 


MHFt RATES 


NEW YORK 

Prime rate 

Fed. funds ffunch-tim^l ... 
Treasury bills (13-wieeL) ... 
Treasury bills (26-week) ... 

GERMANY 

Lombard 

Ovcm>ght rata 

One month 

Three months 

Sir rrtcnihi 


, Sterling , Local Local Auth.i Finance 1 Discount Eligible 

May 19 'Certificate interbank Authority negotiadic House Company Marfcat Treasury! Ban* 
1962 of deposit i OOPOS*ta - bonds ■ Da nosits Deposits Deposit? Bills « 1 Bills e 


16t, 

15^-TjP* 

1Z.04 

12.12 


Overnights 

Z days notice.. 


131s 

3312 135J 


7 days notice. .. 


- 

135fl 1S»* 

13's 

: — 

_ 

One month 

13-"- 

15 ic 

15r,;13S3 

I3i2 

14-15*! 

15 1? 

Two months.— 

13-; 

-lin 


— 

13T;13ir 

13^r 

Three months. 

lit 

15,; 

IS ‘z- 13 1* 

23 ij 

IS.-JT-l JTj 

133c, 


ioi 2 

l!ls 

13 H 13 7. 

151; 

lo-lZJ? 

15m 


lJr- 


13 i s 13;.- 

— 

13^s I5:« ' 

15=3 

One year 

13,i 

15Aa 

151= 13,i 

13J, 

15'; 13ir. 

loSfl 

Two years 


- 


US; 

7 . 



133i-137; 
1573 
137; 
15 - a 


IS 

12> IS 
IZ^lSfp 
12t;-I2 i 


13-: 13-7 
12 . 
12 
I2ia 


FRANCE 

Intervention rate . 
Overnight rate .... 

One month 

Three months 

Six months 


JAPAN 

Discount rate 

Call (unconditional! 

B'H discount (tnrer -mnnth j 


Local authnrtiea and finance houses sevon days’ natice. others coven davs li«cd. Long-term local authority mortgage 
ratos. nominally three day3 14 por cent: lour years 1* Per cenr; nve years 14»» per cent, o Bank bill rates in uble are 
buying raids tor prime paper. Buying raws tor tour-month bank bills pgr cent: tour months trade bills 13 1 * 

per cent. 

Approximate selling raws for one month Treasury bills ir-*u per cent: two months 12 : * par cant; three months 12>« 
por cent. Approximate selling rate *or one montn bank bills per cent: mo months Ifi nor cant and throe 

months 1& per cent: ono month trade bills 1T*z P« r cent: two months 13 ? t per cent: three months 13 >a par cant. 

Finance Houses Base Rates (published by the Finance Houses Association] 14 per cent tram May 1 1952. London 
and Scottish Clearing Bank Rates for (ending 13 per cent. London C tearing Bank Deposit Rates tor sums at sevon 
days' notice 10-101* per cent. Treasury Bills: Avarago lender rates o( discount 12.5023 por cent. 

Certificates of Tax Deposit (Serins 5) l3’a per cent Iroro May 14. Deposits withdrawn lor cash 11 per cant. 


'Financial Aimes Thursday May 20 19S2 


Abbey Unit Tst Mogn. (a) 

72-80, Gatehouse W., Aytebun- Q2% 5941 

i 

(Atzua. Units) 512 575 -ftd : 

Gill & Fixed Int 103,7 109J I 

Income 42*t -O ' 

WorWvriCp Baed 11U ltl.7 +03 I 

lm.Tii.Fi 540 J &4 TTj ■ 

EeotasPrts. 004-12 i 


AUTHORISED TRUSTS 


RKgeHeM Management Ltd. 
lFM*irySt,EC2A)ro 01-5886906 


Crescent Unit Trt. Mngn. LM. (a)(g) L & C CWt Trust ftta»Msnwt Lid, RrtfscbftJ Asset Management 
4 MeMfe CreL, Etfnbwyh 5 (El-2263492 TheStKi&Khan»U^EC2N lH& S832B0Q SLSwbttfcCare, London EC* ' - 0M»43» 

Cmv Aneritan 134.4 423-051 O.M tXC Inc- figad IM.q 1 80 |ICAmertaGPn«p*.| - .HM-J - 


2 tb Cm. Aperaan {39.4 

Crts, Capital 24.2 

CmHMiMa eS5 


-J-o v w Cm ftsenaHsmal—glJ 8771 —0 ] 

Allen Harvey & ton Unit Tst Mn«W. gg-gK* K-g ^ 

45, CcnMI, London EC3V 3PB. 01-6236314. ^ ^ P **" 

AHRGtttTraa |9L0 B.7ofl -0.7! 1ZM DaTteghw Uojt Trust MngL Ltd. 


’•U . ... u «cnn K __ x .ii7i.f , V lew,..! - 


Aflted Haafm Ltd. fal (g) 
HanAm Hs»_ Huttoa. Brest wood 


Lefaf A CweraKUnH Tst, Unfits.) LfcL 
g-S 5 fiayteitfi Rd., Brentirthd OZ77 217238 




ten £& tote Jore 
♦Unaathense 


OBtiughu, Toow, (town TQ96JE. Ce03Sfi2271 

TMH Pert. Uift TsL{22J 24.94 ._.J 5 23 Leonine ftdmrnbbaSort Ltd. 


Babnced tail 

Altai 1« 

BrfL (ads. Fund 
firwth 4 Incan 
E1ecL& Ind. Dev 
AffiedCactol. 

HantirtTuud , — .- 

Haotro Act Fend /210.4 

lacaa* Ponds 

High Yield Fd Mi 

High income B7.1 


ttscretlcparjr UaR Fund Managers Lecristrdn 
5.42 3608 New Bread St, EC2M1NU. 01-6384485 LeoAccuiL, 
H* Doc.[pc.Jfayl4 — PWJ 298.94 ..._J 457 _ 


2. St Mery Am, EC3A8SP. 
Lee QstrAoiion IUL0 


IH}> dM BatfascbOi! Ansi Management (a) <g) fa) 
I ..Trj 7M 72«), GaMBiSe Rd_ Ayledaxy. 0296 9941 

01-623 6114, MiAmeriSl&lSfi 


..._, ._ _ flawea UMt Tbist KngL fal 

^ Ltofds Bk Unit TsL flSngn. Ltd. (a) City Sate H-e-.Ftastary So, ECZ. 

Dunbar Uut Tmrt Mangers Ltd- Registrar's Dept, Sont^tghSai. American Kay 17.^.. QOS 31" 

53, PzllUsil, LoadnB,SW15JH. 01-9302122 Wanhtn WesiSuss?*. 01-6231288 SecarittesMoy 19^0920 304. 

gJ-IU fflSLrs=:Bl< 8SS:H.i?! M 


InamecGrala 

Spec*) Sfe 1 


E. F. Winchester Fund Hngt. Ltd. 


223 Do.(AcoamJ_ 

IfiSSfcn 

Extra tinme 


HignitadHayl 
Merlin May 19- 
Fired Int- : — 1- 
H#Hnt 


tovtsecs !; 

laUiaiUwul Fuads 
InteraaUonaL L 


Artrritan Spec-Srts.. 
Sec. w America.,—. 


V. Threo % 

p.a. months p.a. 

-1.74 0.60-0.70<Jte -1 j 45 
4.96 1.90-1.75 pm 4.86 
-1 J1 0.31-0-35dis -1-07 
6.15 3.73-3.63 pm 5.72 
—150 14-18 dis -1.46 
—4.76 T-.-3 dis -3.94 
6.28 3.46-3.41 pm 5.92 
-21.19 150-SKdls -21.19 
-2.21 75-85 dis -3.10 
-8.86 28 ! <-29>*dls -9.02 


Efiatty & Law Un. Tr. M. (a) tb) (c) 


Amenhan Rd„ Wycombe. 


InL lecnnolu 
DaJAcam.) 


8.W Royal Lite Fd. MgreL Ud. 

bJ8 New Itou Pbee. Urerpob! L693HS OH-2274422 

n fsas-tisrij = 


UKGwth.T5LAo_.l535 
UK Gwth. Td. Ine. — 157J 


Smaller Co.'s Fd. H 

SjSmlr.Co'sW — B 


Recovery e 

Min. & C’tfy — £ 
Overseas Earnings — U 


66-3 .... 
843 -0J 


Higher lnc.T«L Act.)U).4 
Hafter Ire. Tst. ire. =. 
Int-Ts 


P& GHryFudL InLTsLAes. 35.8 
63? Gais7Fsd.lntTsLlBC.54.7 
5l? HlXA3»1aTsjkc:.i45 

<L5Z Fir East Tn. Are 4S.4 

SenerzJ ict. 


65 W -Oi 
62.W -O.a 

5S.7 -CJ 
£75 -o3 
98J3 -0!3 
48.60 +Q3 


0454 33377 R- Afie 


Da. f Acorn) 

a tail Cte.4 Begr 

Do. (Aeoco J 

Woifhrtde Gsrth. 
L6U Oo-tAceum.) — 


Royal TsL . Can. Fd. Msra- Ud. 

48-54 CaoniStv London EC4M6LD 01-2366044 

JSS 

Prices on Ani^. Next dNflog day May 26. 


FarEastSSpt p|a 75.^ +o!3 165 FideDty fatenatiorrri SSajOr^meni Ltd. E9dtyAccua.(2) — P895 ;3w«-m7i ah CwtiaT 

Smaller Go. Exempt UJ-2 “2^ H? 20, Abenuch Lsna, London EC4N 7AL. 2635911 . n ^ 

U.SA. Exempt (13 U 137.01 -C.?! 287 Aa-.rrfc=s&l -tffl.7 4L71 -051 0.45 Local /UltfMrftKS' Bftt^af lavCSL Tst* SriftS Intenaiionsl.. 

Anderson Unit Trnst Managers Ud. te*&SfcSRi 7287- SSJSTtSS:' 

62, Lorabn Wall, EC2R 70Q 01-6381200 6--OD(h Alnsame 353. 37iffl -OX 7.04 wSTFtApfffK) 28§15 1 — \ Ilf " HiSEvS? ^ 

Aaterson U.T. 167.8 73L2J ... I 337 5| M ^ T*. ^ I "! 130 sffito.T^w:: 

Ansbacber Unit Mgmt. Co. Lid. SS^S^tdU 

?»w ys t-EC2y 7J A. —***£* IlRft Trmt ^ .jj MAG Gmnp (*«c)te)' ‘ 

AJESKm«SJKmm3si 2^^ To ” r %l c3R6 ^*^ 6 ^ uTtaS ' 


4.96 LJayTs Life Unit TsL Hops. Ltd. 
a SL May Axe. EC3A88P. - 01-62 

Etrdty Acnxa. (2)__|2895 3048t-10fl 


£ff Save & Prosper Grsnp 

“ ' 4, Swat St. Helen* Uxxta EC3P 3EP 
68-73 fc*eo St. Edlrttar# EH2 4NX„ 


Etplty Aeon. (2) _. 12895 .. 304Zt-lOfl _ 188 

Local AMtfMrfties' Btofuaf I Brest Tst* 


IM 68-73 Qweo SU Edli 

■ Oalb 1 ® to: 01-f^a £ 

tetanSteoi FmBB.. 


or 031-226 7351 . 


50.9] -C 
37V3S-1 

e»i3-P 


Anstiacfier (Mt Mgmt Co. Lid. 

1. Noble St, EC2V7JA 01-7264931 


Anthony Wider Unit Tst MgrnL Ltd. jfaSS'lM*? . 

19. Widente St, London. El 7HP. 01-247 8827 J. Fhfcv High ^ , 

M:d_“ fflfil&rHl || :::: 

ArbuthflOt Securities Ltd- (a)(c) §3 6^ 

57. Quren SL. Lento, EC4R1BV. 01-2365281 Prices to «ay K. Hfcw fe&ng Mar 1% 


American. 

[Acajm-U 


Capital Growth 

(AccunnUaUoa) 
aemmodhy __ 
‘Amjmuiatian). . 
10% Withdraw*!) , 
EotervA hneroaV. 

txira income 

(Accumulation) — 
Finance & Property 



(fieoirruiation) 

High Income 

(Areumi^aiJon) 

terr 0 - 


Aram. Uniti), — 


f46 Framlmgton Unit MgL Ud. (a) 
64, London WaH, EC2M 5NQ. Ot 
Amer.&Gen ma 07 " - 


1 ryt IHCCnC). L»rTO|-^_ 

fffi Am.7>cuDfl 


,k'ff (Acosn. Umtsi 
Exlra incocM in 


, nn . Income Ta 

?nS InLGrwthFd. 


d. (S) Comerskoo Income ■■ 

01-6285181 Wrtdend.a-j 

Sfl=u m s — 

wa 

738 -0.2 4.46 

m a 

^ ^3 m igisfer 

~bx 7 » General 


Smaller 
(Acombtioa) 


m dfl 

2Z5 tOJ 13.B6 

^ tt 


cun. Units),. 
— Mnind. 
(Acairn. 


50 26 -Q. 
76.4n -0. 

83J -a 

5tLf -0. 
506 -0. 


tAram-uascnz: 

i -=(1 GiC iicmt 




13M Robert Fraser Tins! Mgt LM. 

1186 28b A9mmarie St. W.2. 01-493 3211 

7-3 RotaL Fraser lit Tst 170.4 75.4] \ 600 


' Acosn. DntSSmi. 

laaan 

Accun. Units). 


Archway IMt Tst Mgs. Ltd.(a)(c) Fftends Prey. Trust IMnagers <a)(6Kc) 

317, High Holbom, WC1V7NL 01-8316233 Pntham Dorfang. Tel, JBS05S 

M ^<sns!%l«.lg- , kd “ IS 

Arkwright Management Funds m Coat* i^caJc. 

Panc aa^Gdns. JAmchBfe- 0bl-83*23XL P^jiicTniare. fOngsaar, WC2. 01A054300 Speddned Funds 

Artwri*tFd.teyl8_flfl51 1XL9] — 4 391 Capital Mo?6 11496 lSlflrf 4 5 3D Trustee 


Arkwright Management Funds in Court* 

Pafsoaape Gdns, Mandiestm 061-8342332. PutHicTncrre, fCncsway, H 

Artarri*tFd.te»ULR051 111-9] — 4 3.91 Cao«al Mo?6 [1496 

Barclays Unlearn LM.(a)(e)(g) hS'yI ~~ 

Unicom Ha 252. Romford BO, E7 01-4345544 "CSad'i ^ 



|2 F^Jrt. Crth. .{56.4 

UKfijulty ISa 

Oversew Fondslz) „ ■ 
Eurcpe By, 


S-E-Asu. 75,7 

U^ llli3 

Exploration Fund (*).|2E,9 


Flnamial Secs., 
New Techno log 


echnoiog»'j)..r478 


iS 

tt 

5L4I -OJU 03 


fixri-Marat Food (i) 
Inti. Bend Ft--.- K06 


651] -00| 223 


Fv n rr 1 * Ftids 

Exempt i * *r nn ** 122PJ1 232.2 .....[ 7 14 

eM ISRzdSSa 16b 

26 *Rtes at May 22. Next s*i day May 26. 
SectMi SeoariGis LM. 

& S&E—ii list ’£ 


Schroder Unit Trust ffemgen Ltd. 

48, St Marius Un*. WC2. Dealings 0705 27733 


I! IpS?: 
Uniaj — 


es?'- 


For 5le 

Ime/ECU rate aea CUSRENCY 

RATES table. 








EXCHANGE CROSS RATES 









May 19 

Pound Sfrling: U.S. Dollar 

Deutschem'k Japan’se Yen French Franc 

Swiss Franc 

Dutch Guild’ 

Italian Lira Canad la Dollar Belgian Franc 

Pound Sterling . 

1 : 1.797 

4.170 

429.5 

10.875 

3.555 

4.635 

2312. 

2.222 

78.75 

U.S. Cellar [ 

0.557 | 1. 

2^21 

856.1 

6.053 

1.979 

2.580 

1287. 

1.237 

43.84 

Deutshemark i 

0.240 i 0.431 

1. 

103.0 

2.608 

0.653 

1.112 

554.4 

0.533 

18.88 

Japanesa Yen 1.000 1 

2.32S j 4.183 

9.709 

IOOO. 

25.32 

8.277 

10.79 

5383. 

6.172 

183.4 


Urtcsm America — 
Do. Ats_ Acc- 
Do. Aust.inc.. 

Do. Capital. 

Do. Exempt 15, - 

Do. Extra Income 
Do. financial 
Do. 500_. 

Do. Geeeisl 

Do.Gat&F«J. I*. ._ 
Do. G(r Pacific Aec.. 
Do.Gtr. Pacific Inc.. 

Do. Growth ACC. 

Do. Income Trust _J 
Do. Pif. A'ns- Tst _ 
Do. Recoreiy ... 
Do.Truaee Fond 
Do.WTdiride Tsl 
B tsLIn.Fd.Acc. 

Do. Income 


Casual Ms? 6 [I486 15Larf 4 5-20 Trustee ._ — . — _ 

MriSS gS« u !Sgiir:| 

riJnaxh. Bstadcd to immjes under Court control CtenforiMj^Uj.. 


7B.9 -0.7 
125J -L0 
605 -05 
73.1 -05 


6.T. Unit Managers Ltd. 

54J 16, FlrthmyCiraE, EC2M7DJ. 

fS G.T. Cap. Income 1154.7 j 

6.47 DO. ACC., 0355 i 

4.9Z C.T. UK. FI Ufl fl955 2 

5l 31 G.T. U.S.& Gen gZE.9 24 

ta G.T. Wtl Ed. Fd nSOJ i 

1268 G.T. Japan Aden — 0196 ] 

H-T.^hb. Ec. Fd 1536 

G.T. Inti rood 12407 .3 





CO-6288131 MauMJfe Management Ltd. 

i j jin Si. Georgr’s War, Stevenage. 043856101 


270j 


9.00 May fl nw er Management Co. Ltd. 


G.T. Far East 8, 6eo.H 

tao G.T. Tech. & Gth. rd -H 
394 G.T. Euupean Fund..! 


386 G.T. Eirepean Fund.. 1%. 4 

5« 6L & A. Trust (a) (g) 
J-K 5 Raytogfr Road, BrentmtoA 
|g G.& A. 1475 


Gartmore Fund Managers (a)(g) ...... 

01-2B38833 2 SL Mai? to, EC3A8BP 01^236114 MencapUiirt Trust Mngn Ltd lllkrttf 

j 4J2 DeeTing aft: 01r&23 5766/5806 _ llroccra Hse, 2S? Romford RA, E7. 01-534 5544 


Baring Brothen A Co. Ltd. Gartmore Fund Man: 

ft Bhhdpsgatc, EC2H4AE 01-2838833 2 a. Mai7 Axe. EC3A8BF 

ffSJ&rr® a 89^*2^ 

Next si*. «U? May 25 (by 1260 non). AustrWiaa Trust 19.4 

Bishopsgate Pregressire MgreL Co. SI 

Stock Exchange, Loodoo, EC2N H13, 01-588 6280 ComnodirirShare ... 37.7 

g-gnte. 11_,. (239.7 3152* J 335 Extra locate Tst 225 

AcTUnits "May U . ?7fc.4 409,5 ....J 335 Far Eos: Trust SI 

B'gatelnL May iff 347 J 373i 1 183 GIN Trust 23.9 

Acosn. May 18 4073 437.7 ....j ISO High incocreTu .586 

Bedonan Inti. Cap.*. 1025 1067 — income ...,503 

Nert ad) day June ft** Jaw L*wee«? dealings. Ire. fa&t&n Qg. 

Bridge Fund Managers (a)(c) ife' fiSlC: 517 

Regb Hse w King WDiam SL, EC4. 01-6234951 Inti. TsL h%st-) ..50 ? 


J —.. $70 E4-1& Gresham St, ECZV7AU. 01-6068099 

fS Irenma.Aprlli JU16 U9.H 1 8.3 

= g EBSlLdB Hd « 

3:50 McAmfiy Fund Management Ltd. 

Regis H King WMIam SU EC4. 01-623 4951 

(0277)27301} 2T% "“'j §J2 

M-o.71 531 Gte5R^A^..3rmos ii?:a 434 

GfeB Fundi pc. 1 745 796*4 --4 434 


Sraal^rCo.^ . 

(Acsum. Unto). 

American. 

tecum. Units) 
lit A Fixed.... 

8% ftoum. Untis) 

b£A Australian.—. 

Occur. Units 
iingapGrr A 6 
Acetic. Units.-.— 

P d, C Fd April 27 
4« *i»eca»er 
4J? *Spce Ex . , _ 

Ex ApnJ 22. tun-* m*. 

♦For tai ewcipt funk only. 

Scottish flpricabis lav. Mngrs. Ud. 

' ISOSjVirxera Si, Glasgow. 041-2432323 _ 
63A Equity Trust Acomt._|1143 125.91 -L5| 530 

Scottish Eqmtahte Fund Mgrs, Ltd. 
a,,-, 28 SL Andreas Sq. Edinburgh 031-5569101 

®«SS=jB StrJ ISv. 

Uf Dealing day Wednesday- 

434 Scottish Waows’ Fund M a nagement 
, p.Q. Boe 90ft Edudwegh EH16 5BU 031-6556000 
2SJ. PegaasTst. May 19.BHL3 108.9|-05l - . 


British Tst. (Aoe.1 
British TiiOhL)--. 
Com nod lt7 share. — 


S3 i 50 


0.85 Mencap J47.8 513 

Xj37 

339 Mercury Fond Managms Ltd. 

J3S 30, Gresham SL, EC2P 2EB. 

IS Gen. Dtst 159.0 956 

M &&==$? ^ 

llBLast. fez “wl 

o™ Imd line % lid fl 


5131 -0.41 634 SIMCO Money Funds 

66. Cannon Street, EC4N6AE 01-2361425 

Ltd.. SIMM Call Fundt_D®fl — I — 1 12^ 

01-6004555 Sl“CCT-Ca*Fundr.(lffiB — I ..^1 1257 

I m Stewart Unit TsL Managen U«L<a) 

itJ’i Zn'gl fj£ 45. Charlotte So, Edinhur^L 031-2263271- 

87i> 3.37 tAmcriom Find 1JS9 1020 -...J 217 

2L< _..J 337 deceai. Units .fiU56 liaa — 

bZ2 -&4 — wm-tirawal 1/iWn ..„(TfT 82n — J — 

' *B-itid: Crptt>l^.._(2B36 2 Z3M J 687 

Atcum. Units, U«A 267-3 j 5.87 

•'Eori^iciui Fund„_.B56 9L9j +03) cM 

^ DoL tTues. & Fn- *We4 "Mn & Tter. 

' TO07427984Z Sun Aificoce Fend Management Lhft, 

Sun Alliance Kst, HorJaci. 040364141 . 

,133 la f ffl 

S3 toi 334 Swiss Life Pm. TsL «an. Co. Ud-taKc) 
47.3 -OJ l£5l 9-i2Cheapslde, London, EC2V6AL 01-2363841 
53.W — Cl_ U_6 l Fiwi NlVq.J , — . . .. Ffl 13 613 ...,4 4J7 
b?A -0-2 3J7 -jqy fc lHq \ 4J7* 

M-l letWt CT35 IE2.fl ..^.3 12.M 

Sfm”?'! 636 - f ixed he. Acc. i IEIcTjB lUJfl IliM 

S*-fl Tir 'Prim on May IZNch drahng 

0.W tPnces on May 5. text dealhg Jure Z 


SIMCO Call Fumtt—, 
01-6004555 SIMCC7-Ca«Fundr.; 


R.(7dsy)tJli 


Ire. Agen&e; h 

Inc. # Grth. Ertto pf-L 


T£ E^Lfife May lTI 


Exot. ACC- May 19. — Jlli 
iff GihFumi — : feu 


lx&r±==m 5^:: 

Sffi8±=:IH *&'- 

Enmmt. 1638 T76.0 .. 

Ind. Recoimry lrei_ 233 253s - 

Co. ACC4 a* 32JJ - 

DeaJn^fe. JVfrljThrs- 


L48 Japan TbhL. ..(322 


Spedal Sib. Tst 1< 

UKSm.Co. RetTrffJ.t 


Britannia Gp. of Unit Trusts LM. (a)(cHg) 

4.« 

Recowry. W.B 429^ -O.d 5.48 

Smaller Co»- BOJ. H.Cl -tUj 182 


Bcvett (John) 

77 Loitdsn '.Wall. EC2 
StockJtoWers tia y 7._D 

Da Accra. UiM C 

St. European May 7 


tn?) H? MMto-nd Bank Gmip 
-S3 334 UnK Tnist Managers Ltd. 
..—4 142 Court wood Home. SHwr Street M 

ShefiteW. SI 3TO. T) 

01-^SHD X 

\ ;:r.:i ill Cwnn^tfy aT&en. Ws 9Ui 


Grieveson Management Ca. Ltd. — 

SO Gresham Street ECZP 2DS 01-606 4433 

-- net i stem ntm a ic income — •— 


Recow ry.. 59. B 

Smaller Cos- SOI 

tore. ItkL Sits. CB.2 

UK BlaeCMp W8 


Ill WH.yjlayU 


HMrSun 7-~ r ' 
nig* mcraw raws 

Not. Hi# me 


J-?P DoAre—.-- 
inm P* 


Extra Inc. 3<.4 

Pref. Stares 16.6 


f^ii+a: 

87JM-1: 


May IB 

; Sterling 

j U.S. 

! Dollar 

Canadian 

Dollar 

Dutch 

Guilder 

Swiss 

Franc 

O-mark 

; French 
' Franc 

Italian 

Lira 

Belgian Franc : 

Conv. Fin. I 

Yen 

! Danish 
■ Krone 

Short term 

: 13 vista 

1 15-151* 

15V165, 

87 0 .g 

13* .21* 

83g -ai? 

| 3040 

1812-20 is 

14-17i 9 

143,-1514 ’ 

6S*-7 

. 20-2038 

7 days’ notice.. 

\ loig 13 m 

1 13-151* 

X5J*-16l* 

87a-9 

5-5*2 

8 >0-8 3, 

35-45 

2030-22 ie 

. 15 18 

14/g 151s 

67,-7 

| 2Ua-314! 

Month 

1 13t.;-1oA 

1 14ta-15ta 

16-16*8 

6i<i-8i’i 

31,-338 

Bta-a^ 

32-34 

£3-24 

16-171; 

143*-14;0 , 

«i;-7,5r 

1 20l;-20<s 

Three months. ... 

! 

1 14.V14,„ 

15V15i| 

8ta-Hie 

31,-3 re 

Sta a.-v 

, 26-28 

23l 4 -257 fl 

155* 163* 

14V147J j 


I 2032 2078 

Six months 

1 lo.v-.13ta 

14ta-14ta‘ 

15ij-157a 

Bri 8,i 

4*-4ta 


, 23U-24U 

23i : 24lg 

16-161; 

144S-J43* 

Tr.--?.* 

1 19-193e 

One Year 

: luta-13 ta 

14^-1448 

1512-I5T8 

8S*«7 3 

4*«-4»0 

Sta-a*: 

{ 20V3H2 

25 <4-24 

1512-16 


6-.;-7ta 

1 173,- 1810 


Sectar fimartil I 

ComtTKKfliy Shana 
Finaacial Sees . 
Gold ft Generai 
Im. Trust Stares. 
HBnmh.. 



Actum. Units) — 
a in Jairgta S. May 14 

f| teKsa- 

(Aecaii. L’nitsL 
i ii brartcslr. ?!•» 1A 

* testfst-ig 

i.TB (Accuir.. Units). 


Japan and Pacific — M3 741 +1 

J8-K DoAcc (703 7£J +i 

Vi - 97 North American l?hJ 49 to -0. 

Do. Acc_ = K2C .... 

Tf-g* Owmeas Grt»lh H4.6 -®Jrf +0. 

|-S Co. Act- Isifr. . 55i +a 

?•% EouVyExwiwf ti4L0 14813 .... 

od-Asc' ...—has 

L69 -Prices a) May 14. Next dMioig Stey 


I -a| 8J7 
—3.71 636 




FfcKfliH. Diit-t p 

ft* “ Fixed he. Acc-T ..— fi 

63 *Wm «i Mi* 5 

?-?? VPiK#i on Ma« I 


uity o JO'** 

=d 


Target TsL hhagn. Ltd. (a) Cg) 

3L Greiian SU E.C 2. """ — 1 

CaTOnsSIly ur 


Dealings: 0296 5««1. 
65.41 +0AI 258 


Minster Fund Managers Ltd. 


OferMK FMl 
Anertcon Growth — 40.9 

Ant. Soulier Cos 628 

A*- Spec. Sits. 593 

F a East 4L9 

Hong Kg. Perfmncf... Z3.9 

Infl. fouirth— 7i6 

Japan Perf. Tst. 789 


...j 252 

-03 234 
02D 


IS Guardian Royal Er. Unit Mgrs. lid. 

Royal Exctarge, EC3P3DN 01-6288011 

(ag) Guardian Ta 11385 143.5| — 1.7| 436 


MLA Unit Trust Wagnwt Ltd. 

OUOaeea Street, SVVJAftIG. Dl -222-3177 
(a) (b) (c> MLA Units 1105.9 UUJ —4 5.65 BSS ” 1 " 

5,1 ZL7Z3& Murray JotnstoiR. ILT. MgnL (a) Freie»^« a«re 

163. Moot Stive*, GUsgow, G22UH. 0C1-Z21 5521 tony. 

*5.9-0.71 533 Mwr* rime. lean.— |M6.; SOB ....J 4.0 [n=«c and Greur 

60.71 -Iffl 233 Murray 5urapsac _iblj ... .4 2A1 

46.u -09, 470 Muirar Sndr. Cos.Fd_.!/40 80.3ifi . — 1 303 _ 

-Z3 222 Dealing da; fnd»7. Lcji.-v£x. r.tr, 


Go* erf end Inc. 

Gold Fund Act. 
Fnrancfll 
GUtCaptf 

Gih Ireome 

Inwstinent Tnnt_„ 
Special Sttint'vre 
U-roriaan Eagle _ 
US. St J Bend Fd 
Mzl?y5»3 6 StaPn: 


MS, Henderson Adminretntfon (a) tb) (c) MLA Units (105.9 UU| — 

teSJt T E^," ,n - 5 - 'tetSSa !W*M*iT.i!gij! 


General Froxis 

Capital Acc 177.4 

Comp, ft I no feL4 

Domestic. J49J 

Grtiwth |9B 0 


j lfl wramw, uki. 

ni, ILK. tah 

SwOt.'Sfc.. C.7 

Ucrijr,' Un«s? Sb.5 

270 fkeaw 

2 n un.sivi'ih. ... . — *5.i 

049 Arc Uniti..._~ 1W 3 

“ Assets 59.5 


■n=iac and Growth 


60.71 -1. 
1P2? -2 


fethi&L r.u, 
EOy.E 


Prch-yy»nai (840 7 _ , v , 

smew >56.7 euj -08J 470 ^ I 

Fm Britan Lift Office see fettme Umt ta F,oaiu>t. 
Br»mn Stapler & Co. Ltd. IgM g> . 

Harltads Hse, Haywards HUi, Ss. M44-458144. ,^7^1 

B.S. Units taU ^r m* J 543 hrewmoral, 

B S Acemo May 11.. 9230 448J, . ] _ WorW '*•*■ U 

Finenrial S20 tS.Oi -Oil 190 .— 

Growth Acoan DA -0.7 4 2b 

Grewth Income stl bUbfi -OS^ 4.2> ■ 

Hfe Income 24.5 -Oj i?.«3 V™ p ‘>' 

lemrre 288 3LMI -Oj 8.41 

nte« w. ... 335 35S-0.fi 5J)o 2*^ ^° 

North American 712 29 3 ■ O.U 2JT1 •*■■■* 

Orient 253 3b.a -C.a LOO 


43 Fradi 

3.qn Inc. C G;a/>:ii_ 49 6 

4 a 8 (AccuIC. ' lilts) . . f 03 
-,<2 fimh.nu'uc 718 

544 Esto* is:. - 546 

4 20 Sin Alio. Co. TKv ... 4 G.C 

Prei.tGrt* —.S3 

r AJ, Gilt To« 4J.1 

Futd int*rest. ... .... hi 

5 71 Stem.- r-amfc 

M. Fmancni _.15*A 

Be: B7A 


53JS -0.5 

86 y -0^ 

77 JS -L0 

m3 

525)3 

JIM : 0.1 


6.98 Mutual Unit Trust Maaogars (a)iql For Tower UcU Trad please see 

Broad SL Are ^ahrnKJJ SI, cCZ 01-08 39U-Z Dontar Umt 7reS 

H5 BSfcffil-jSi ' 55 SSJSiSft™ ■■TgS 

iz 8MM%d» §1^3 ifi (swssesa. 


1 7.15 
123 
462 
0.62 
7.98 
1132 
1279 
6J5 
3p 

ft 

U7 

...4 622 


8.^ Mutual High Via |55 l 5 5951 MUj 

tf-'TS Mitionaf PravWent fnv. Mngrs. Lid. 


; £ ICO. Wood Street EC J. 01^*88011 

9.S TUUTMayA |55J ’ M.7d| ...J 5.17 

Tteriffitlaotfe and Gen. Secs, (c) (y) 


tiS.GraoechiffCbSL, EC3P3HH. 
NPIGth.Un.Tst. — Dft2 74.7* 


01-6234700 9*-90, Hew Londoc W. CfteinisJord. 0245-51651 
ux 2!£ , 7?i V Barbtamrflayjj..._nr«i9 -mu., i 496 




(Accum. Unto). IIDl 

w°r ir^ias Trost 1>52 


:::] L A 

-01 43 


SA? 

North American 712 

Orient 253 

geepwry 16.1 

Exempt-. I. {88.0 


3L3ril -IL3 
33.8 -0.4 
29 1 O.i 
368 C.2 

17.da -oJ 
76.3d vl)^ 


-02 8.41 

-M 5Jk. 

°d tt 

IS 

-091 651 


5 « inre.isxi jrai.^ .B 3 S 
— World Wta 74 a» 17 ..|l 534 ) 

-o| • “ -Ma 

ss ok.-~.Ri 




N°rirs*asTnHt— ... 1921 
(Accum. Herts) mz* 


tajy i.Ui* .. 36.4 

®a«i ! i' 9D . Ur. &>-Z 

Me.- S firs'. bf n 

■isiiici 'miter .. . *3* 
/Wc. . r . ”:t..... f/-A 


64J8I -0.1 
57 ta A3 

89. i -02 




<rtSVP. SW . 
rinh inioni&fbi . -I'rSA 

Soil: Or. :h, U 60.3 

E»PF«S. 


Buckmaster Management Co. Ltd. 


The Stock Exchange EC2P 2Ti 


01-638 2863 larjnNlK 


Bmhlwri Fd. Iitayli.. 382, KM . 548 jjori.' ww- . May J4 -N&A TO. 
Acflum. Units May 13 1 ITS 5 132.1] . .. j.cs >_«aMMay... .h04« 30S 

Cum Fd, Ma' 19 5Co 53.Ba -0 c a 9r Parnic '.5c.r.=i T^t. ..J97.0 1010 

Acorn. Urvfc. Mar 19 71.7 7G.fi -0^>. 9.97 „ . , 

UjriHnrei Rd lAaulfl’uL .flrt 5 Konnnri Civdif B fl i H 


National WHWwt er (*> 

air 161 Cu:apsWe, ECW jEU. 

Capital vAccwn.) 0114) 1 

w t 

og? Giw^l'mr_7_Jirjr;'.hl20 

Inowr^.^ [QJ 

B-fS Japanese & Fat Glf I .M6.6 
999 Hnid:Arrfa3».T?s..K0.l I 

Pojtftrfu. l/rr. Fd |7? 0 

Reca^rpTrtBt F5.9 

7J4 Smsiler Companies —|75J 


§ \BS3^v=m 

(Aecxn. Ucrts.;^ 1 


tAeum. Units.;.! I JO0.0 

> ; e!oing InL MayiA-hoas iw.S 


m-. a 


(Actum. Units} 1162 

Vang. Swir-Moylft. 66 J 

(Areura. Untsj;.. B9.1 

Vajg. H 7 M?y la.. 7Z.3 * 
•wish. Tv. Wsy 1*J_ 53.6 

ltrsur.i.^sl - 673 

yjietrtw Mav 13— §39 

tAcoxo. UratiJ 1219 

Wte^imorQoTStiylA 7Jri. 
(Aretu. UnLsL. flXOJ 


TyndaJi M2nagec Ud.(a)(h)(c) 


IS, Cfflvngo Rood. BrirtoL 0272 732341 
24, CaSlv SL Edtrtwnh. 031 225 1168 


Marl Boro Fd. May 18 64.6 
(4rafn.UgjKarlS.Q0T 
tofc-. Co's Fd May 14.. SB).! 
(Amen. Uu.lMaTl4.5Z8 


Hexagon S^rvleea Ltd. 

■(£' T.‘. Mtbit LibhIod EC 3 P 3 EP 
Breonr inti G-. 're... 1513 54 


332 NEL Trust Managers LM. (a) <g> 24, Casite SL Edtrtreoh. 031 2 

■■■ 3-07 W )taw Court. Dorfctoa, Surrey. .0300 887766 .Capital 

• JS? NeWar.._ .75.9 7B.W-iia 5JH UrtB) 351 

S-fi NristarGihtlF.i |53.f -o.i q.a RSnl 

4 0 69 Nristiir Higii >nc 37.4 3§1 -2.U e.93 (team. Units) 

llehU.-lntertaUBMl.lsM 533-0.il t»A5 tJ^rxz y- -pA 

IfaftTrasi Managers LM. feWy? 


Canada Life Umt Trust Mngrs. Led. 

2-6 High 3t Pnlte.-, Bar. Herb. F. Bar 5 

Can. Gen Oh. ISJ 9 53AI -0.71 

Do. Gen. Acowi ...i7L5 753 l.ffl 

Do. Income DW 156 4 *83* -0 3 

Do. Inc Accinn . . Si.0 p4.a -('.?( 

Grit 8 Fid (m Tnist.fer Z7 W -03 ] 


5. Led. •'W' Siwnc: tirrtt TsL Mgrs.t (a) 

F. Bar 51122 *feot*<ii» ii:«P2LX_ Gin 

-D.7I tp. aiitiJo .rus. .®io 21? .Safi -» 

1,0) 1;3 >o{ Cjoitoij . us. . .|3° 9 4Zi] -0, 

-0 3 3 a u tlDolii. i ‘us. . |W.j 100 Sri -D 
-O.3 859 Tat' -E5® Zo.y -g 


54.11-0.71 4.45 zO.WlM-aiis, tT2RfcAa 01-6064477 irflUSj. 

_ + Haethtate Maj 13—.. 1102.1 1083 . I 5.40 (uccum. Unttsl„_ZjW 4 

^SSaimi J»“ 

.■Jbril-ifll UJtR ikAMiirh IIfmm lacupanrr Lwuin (M .77 0 


Capel iJameti Mngrt LM. 

100 Old Sroji' S; EiUAilBC 01-556*010 I™*; 
Capua 1 . . . ;U5_ liijj iii. 

InaMi: . . . W»4 >UG3 -'jj '..'i • 

North American iJJ2j? ij?ij =3 158 jAit 

Price, >;n M». tari HnWnc 'u.^ ■■ J.j 

C»t, Seta? tint? fnrfi taMg^i-ai ‘^,5 

57 ,'6i. Prince*; n ri-aiuti-si*, iJ5---oe itrii 
Can- 'diW.4. ve Oi.iii J/* t? nr: 

Cf.-r.MhKi >re. rd 130 h 3i6{ I.2C 

CarrSete^rV Eac-.- I 2I- ».B CJ| MT 

Cteripc? Gbwnko ri/R Knna^e fj’r J 

15, MoortaW . landeii. WZ m-638 - J ?1 ji. i 

tare April JO.. „i 12045 | . 1 ii-0 np ,; 

Do. Atom. Aariigo. ! 240A3 ! | 1ZJ0 

Charities Official invest. Fund** hkp 

77 Lufod Wail, EC2N IDS- 01-588 1815 

■neomi April 30 , 1M72 I I 7.14 " 1 

Actum. April 30 42350 . ..J - !*-, 


.gJcu.Jpc.ti Tat- -Pje 
12 34 'jy- • 1 ' a V < 

'h; ^Tti4'.ci(tJ mfi.. 

w :.a « .|2?h 

-9- 119 YWtlST lti-7 


it»l3 -d! 

2oAI -0^ 

-an 

S463 -05 

2C2 -oi 

r. ; .(27.0 rj.H _o3 4 00 PeerIGrawtaFd. — 134.2 362* 477 Lrfr.'.VflftCm Girth. 

st |2*.7 , 77-1 OJ 9.60 AaaflcUPto. 147’ 603 4 77 lAca* Wnibf IIKO 

S o SCAM -04 5«i Pnjrrinc. 393 4233 ■ ■ « lor \VA\ SsJnefimh Z53 

a «7.7l -OJ Z22 Pea. >ini; T;>. P3J |2| 5 60 L&rjurc. Units;... VJ? 

2aOi--0.i 'A«3K Units). .1728 )63 — Ld-.lfixKFW. hmy. 

.- -OJ; 5 09 . lAus::. Unitor... 31 3 

7. ic-K',4 h • <7.4 ?-gi Feficen -7ntfs Admin. LSd. IgHD hjn*':tthi ixPt,yy- s?4 

iy. la.50 lS*,0rt| . «y >7- IS Prince.^ Si Mjnchwter. nfeJ.ZM.56ES *»!: jg* 23-1 

.leenuu 1 • «“« • •“*> 4^7-, 

SiSU ag fe=j = . 

ik -fills SS?;,.:. .:.m ?J 3 w aTSaTw 

i&.I 394d-a^ 3 in WcWwi* 1 5lg \ 3.® « Bos J. Feare Hu>. Awto* 


01-6288011 * 

"x3 Notarkh Un»n Insurance Group tb) 

"n-3 F.Q. 80s 4. Norwich, .SRI 3NG. 06032 

Group Ta. Fund... . 1517 -9 545JI -*A{ 


4,: Paari Trart Managers LM. (a)(g}(z) 
IZflt ?52 High Hcdborr-, ’A'CiV 7EB. 01-4CS 


4 GO PeerJ Growth Fd. — 134.2 

9.60 Acoflc Unto |«7’ 

5 ho Poor: hie 393 

622 Pea. UnliTr. P3J 


4 «sg“ sssr'jarEisS 

01-4® 8441 soil ;>c POT2 

362 * I a 77 LrfP.WflftCjn Girth.fcyi. 


K ccu. Units* IlfJEO 

r IVeE ScJtaGi>tu255 


7140 'Accwc Units). .17241 


3£6 

26 ri CJ| 


4p -OJ 

ZIOj -CJ 

2S« -a: 
451 -0A 
»: -OJ 


5.0 MuOdl . 


5-“4 Pelican -7nKs Admin. Ud. IgKi) 

a i7.il PrlncanSl M.inrfr-dPr flfel.Z 


rtf! litas TrtiK Mst*agi»s t«rJ. (ai 
- ‘’—.if - .*• 1*. Hu L..iv. EC-J 0!-j 
riK »r M4.5 3111 -ill 

rifT Jr'r.' 'nc-vw Tn. . &.A 29 3 ill 

V- *i e,,. a. •> Til. 382 -0.4 

riSr-d^iiiV. .45 7 4791-115 

Mi: ■uc.-.n.c TM . 36.2 39 .id -03 

HE^Luk«; wiJdw:.. f 5L5 SS3& -05 

HK Prlvare Tc 159.4 rCJ -0.7 

54?-OAI 
723dj v-QJJ 


l ?AI -O.t 

wia -oj 


“ = hjiiS’ 

OemM Fends. 


m cue 10-t HKinuhcrCo's Ti . 50.0 ^j»r- 

" 5 | LM HK 7 sL ~ W.5 723^ 

— Invest merit Bank of Ireland (a) 


CMeftain Tract Managers LM (a> (q) 

31, New SL EE2M 4 TP 02-283 26 

American ti 

Australian (l,- 

F#e»«nifsLU). 


«»ruTdin.. ^ , culm . j j./j _ 

hix\ Irt.o 69.03 -Ow [SB Jtai Tr 

3 iS WoWwi* J9*nMn-.1431 5iq I 3.00 pa Bor J_ Keen 

IS ?*artFa! tnwest Co. UA.(y)(e) ' ' 

4.70 44, BtKunhurv So., WCIA 2RA 01-6Z3 3893 (b._AaLia .. .S~~~f66£ 

420 Practical Use 19 iS&2 22L2 -G.fi 5Ji. TSkfcntral 1&3 

AcaoB Umt, PKJ Sm} -QJ| 5J5 Co. team. » — 


73 ’[SB Utai Trvst? (h) (c) (y) 

3.00 pfl Bor 3, Feeiw Ku>. Awfcwr, Mm. SPlfl 1«. 
OE64 6238S. beoiarasra 0264 63432-3 


I fa 1 (qj Premhv UV .Udnun. 5 Royleigf) Road, Hutton. 
02-^832632. Brentwood, Esser f 0^777211 45° 

i O 146 BcdlBQtap'wa»--|5ft3 54.14... J 3J6 

tO 2bS Prices May 19. find sub. dayMay a, 


High- 

low. Troy (z).._-_ 


Btok Resources T3 
Intro. GrowlhTa 
Prer.&GlIiTn 
Smaller Co’s Trust 


im Invatment inteNigence Lie. (at 

L54 i/S Worslik SL, EC2A 2AB. 01J 

Intel Amm. feA Fd._|73i 7851 -0. 

1 29 ifiist. iiic.atifMrth-CZ.5 _ja«-a 
521 Irtet Pacific Fund — >97.5 IQ5M +0. 
Intel Stiwll Go’s Fd— III59 124^ -1 


d, Hutton, Pravinetal Life Inv. Ca. Ltd. 
B77JZ1M59 222, SrinamcaK. EC2 

--J 3J6 Prolific. rar East — .jM.6 „S11 

by S. &?!!I ic G'LCap Kd| StSN 

Protlfie High ire .1593 bj.4C 

3! fttllfclmT. — ^.WlJ 44.1ri 

01-6286626 Projific Nth. Amer - — J50.4 SftD 

Q*n ft#li|lCSittSiB 

-U.M U.«JJ TvliMim, 


Choularton Fund Mawgcn(g) 


336 Intel SnwFl Co’s [ 


Prolific TechnMgy ...|5ftQ 


01 -247 6533 

^cl Iw 

-M tt. 

-os. S3 


T5SI«Mnif.._ __M8 

3o. Arcun. F^.T 

T£E Scookh-, (ITd.d 

Do. Aocwn. T” 3 1445 

WEMAOml K3J 

Co. Actum. .|23J 



Pmfil- PiKtteto Mngrs. LM. (a) (h) (e) 


Ulster Sank (a). - 
Wamig Streot.BeKat. '■ 

(&)Ukter Growth (445 


- 023235231 
47 J| -051 5.40 


HofbomBar, SClKZHn. 


ei-4059222 Unit trust AwBtmt 4 Mgmt UA. 


CrwfHiBunt Unit TsL MgrS- LM. 
BockSerAmy, London EC4N 8BD. 01-2 

Hfe Income 35 a 38 ^ . 

Nmth Amrrlcail s£l 632 e-D ] 

GanadianExempl* ... 17 6 5QJd . 

NWMa!rt T ffighiiv 3?| 5ftl ~. J 

SSSSSr—ITi |9 U J:^ 

■Weeidy defitng day Wednesday. 


Kteimrort Benson Unit Managers 


01-248-7934 20, FeodsxtU EC 5 
.. . I 9.08 K.B UnH Fd. Int- 
fDl ZT3 K.B UuRFd.AC 
J 7.90 K.B.Fd.lim.7 1 

Fd.ln-THJJec 
.. j o . ju n^mlrCoSFdliK 

-02 5.69 KB.Sra.CtoFdJWx. 
-02 1263 FB HMi no. Fd. Inc. 
by- KBKigbYIdjta 


sta -i 


01-623 8000 toUanee Unit Mgrs. LM. 


Rriunce K«.. Tunbridge Weth. Kt. 


BrHrihUfc 

BLitaoced* 

BL Dividend* 


H.W 591 OptmunHv Fund*™ ;.' 

|| .t: HI fflffiKe.: 

7t« .... j 853 . 'Prices M v K 


ouerees. b Todays prices.. e (field tewfw «ffU : 

. pr<c. <1 EuUimed 6 TnAry'i operioq prw-. 
089222271 * DWrihWlwi free -Of UK ttafe t PerUSC^ 
_ou tn -nramwr. imrarec pi»«. * Sln^e oreeh*.. 
.. .. 5l74 rtrawnee. c Offered price mdnaes an nprroes 
.— . 429 «cepl agents tomotawn.y Offered pwinsMrt..' 
.... 6 0S sif rxpeKK il kreght Hawn* manascrtJE Prewflta 


•price tty 19. run 6&*g i 


tay’i price, f Gaermcr gratf .. .» 
♦ Yield before Jersey IK- 9 Ex 


»? My aradabfe a jMriQMe bodies.. . 


>iU^ \^4> 


-. . : V 


c =-ii 


i%Jy r>. 


S^hw.' 


- V ’ '"if* J . 




y:f : 


klf 


I! * 





Financial Times Thursday May 20 1982 




Lila— Continued 

fMmgd.F4.IKW4 


Abbqy Life Assurance Cxl Ltd. 

1-3 SL Pauft Cluj T ^T n uo . EC4. 01-348 9111 

HS5S»=iS 6 » = 


aa = 


sSecbwFned— 
hum Fund 

CWMBe Fund 

Pits. Ftt Ser. 4. 


MonevSeft? 

C 0 n*,Ser.f.- 


m m 

Q2Z-* 

GD93 233.4 

gl 2 ^ 

— 3 -1583 


finac 

SSSSf* 

DSSrErot* , 

Grown. Bril In*. A_ 

PeflS.Ubcea.Rl ; 

Pens. Kcnffd to. J 

ssgs&sy 






_ Growth 

J _ Manage* 


Peas. E*tty bri. 
Fms. FnL in. *c_ 
Pens. Fed. lit InH-J 

Pens. Money Acc 

Pmv Money Into 


Cnakr Insurance PLC 
Tower Hse, 38 Trinity SaE£3N4DJ 


INSURANCE & OVERSEAS MANAGED FUNDS 


Ufa Abut. Co. of Fnmsyfvania 

8 . Hew Rtt, Qattum, Kem. MKteay 812348 

LAC O P Unte — . 03-72 12311 J — 


nsmxk w&ut = 


PrndaiMU^UU 
Peeks Fixed lot 

Poston Indexed ln*„ 


Albany Life ftTneraa.ii Co. Ltd. 

3 Z.OfcfBufl 0 ganSl.W 3 . 01-4775962 

» Ftt Ace. B2B.9 B7JJ-ZL7I _ 


Eagle Star Insor^MMand Assur. 

1, ThreadneerOe SL, EC 2 01-588 1232 

E* 0 fc/Mfct IMb (758 78.61 — UJ 623 

Equity & Lara Life fas. Soc. Ltd. 
AmerstaniRntttfitfiWyconne. 049433377 


Fhea fat. *£■_ 
tna.Fa4W.Ftt.Hd 


CnlMuLPenJkcc — 

i ii nr nr- ^ 


• IskPetlAcc 



158A 
xon 
440.9 
3U.0 
342 

1722 

208.7 219... , 

3682 384.4 - 2 J] — 


Fixed Interest Fond. .11392 
Index Uc*ed Secs Fod.pll 

Gjtt Deposit Fund . 

MtoAmerttaFu ’ 

Far Ed FW.^_ 
liyenotieoaC Fund. 

Mixed Fund 



- 

97.* — 

ziia^o.7 — 

mm - 

1743 -oa — 


Uoyds Life Assurance 
2a CUfan St, CC2A 4HX 01-920 

p^At&vilipzig 41 
.HIVtuTuay 13... 2M4 

.BDe0.Mwl3~- » 6*-6 

. Ln.BM«13 117.7 

l B Inc. 13. 11 LI 

. . in M Mayl3 1)95 

/S2F.I . Mfiy 13 103* 

toStoita^aylS- 179-5 
Pm. hear 

BT 



AMEV Life Assorance Ltd. 
«v Pniwt at Wales Rtt, Bttuwto 


RfenacedFd 

399.4 



FfcSMlBLFtt 

'0J 

Manaactf Pen. Ftt 

Equity Persion Fd. 

Fixed InL Pens. FA_ 
Higb YMdPtas. Ftt. 

Money PcTOoti Fd 

Property Pensfon Ftt 
F)ed<tnxf_ 

i 


0202762122 


AMEVfftarifegfca 

American & Gen. Ftt.f 
Income Ftt ___ 

MI. Growth Ftt. 
Capital Fund 


4Gen! F4.n43.4 

hFtt ZZ 155.0 
nd Q4L3 



Equity & Law (Managed Fuads) lid. 
Aran t ha w Ruad, HfobUfrcontra. 049433377 

ffifeSSter" 

fntt Ren. F bed fnt_ 

Intt Pen. Iflcb UcScs.. (101.4 
hd. Ren. 
ind Pen. 

ini Ren. 

b*t Pen. tVu. Atomr. . 

Prwe: at If 
Gnw> Pawn 

FtamAy Assurance Society 
68 , East Street, Horsham. 


196.4 

2O0A 


142.9 

150.< 


1 | 6.0 

10L4 

m 


152.9 

ifca^ 


134.2 

14U 


1529 

1681 


134.0 

14L9 



i 082-5 

iS§£&i&8:fko 
fgg&flSSi tSK 

F.v East «3yJ? 93.8 

aSi^SS? 


KOntidl (Alien fnstTOKC Group 

POBer-J. Norwich NR1 3NG. 060332200 

Fnri. C. wnT 

StSrtyFum. fcOZ.9 

Fixed InL Find — -JOTH 

Depcctt Fund — .[14S.1 

Kcnrdui Urfan Ufc fnnrxnm 



^torafcmrata. 


Inert UOMSecs.'. 

HIM* MM alte la' 

Nor. Unto MJV 15_Z| 32i2 

Psarl Assurance (Unit Finds) Ltd. 
2S2HKdiVtcOora,WClV7ta 01-4D5844L 
/13L5 
1745 

fin .6 

ll602 168.7 

W-WiJ- 


.»»»*< 

SI— frail Life Assurance Cusqae 
3 George Si, Ettobcrgb EH2 ZXZ. 031-2257971. 

lno 1506) -OJl - 

Eaket— B«-9 

iunitMl IHO 

Fbed interest — J2£7 

Infest LbM. 

Cash - 114.7 

Pentad Mmoed — 755.7 


l me ftw 

Im. Prep Acc — 

Iw. Ea»iy 

low. I fana g nrt — 

Pori Acumen (lhiy 


— HOLKanajed. 


92.0 
EL 5 
63.7 



Famfly A Managed „ 
FooxiyB. Managed 

Family C. Brit 

1 0. Fboed l oi. , 




W 

107.0 1092 


040350255 


89* 


Jman Prtf. tfcy 19 _ 
XKrafaMoyW 

TeefiTMayW-^i 

Man. Growth May 19 WB 
Gib U« 19— 196.6 

es A 


Pa rc tayi life Assnr. Co. Ud. 
252 tomfool Mn E7. 


G.T. Management Ltd. 
^^ a ^ L «*- EC2 “ 7at - 



116 fl 
MX' 
95.g 
705* 

mar 




Pttoenfc: Assurance Co. Ltd. 

4-5 King WUIlamSL, K4P4HR. 01-6269876 

SSlftS&errPiSy !M^j = 

Pioneer Mahal Insurance Co. Ltd. 

16, Creeby Rd-i N. VfctertOQ, L’pM 051-9286655 
Plotter UHL Ml FttllK.0 121 Of . — J - 

Planned Swings Group 
6 & East Steee!, Horsham 040350255 

1st Managed 1729 

1st Fixed lnterri (79.3 

4th Manned tefc9 

50 fltBVMrd. k^u 699 .....J — 

Penuon MBMBtd Rr.3 Boil J — 

PreuMim Life Assurance Co. Ltd. 
Eastehcster Use. Haywards HnUvOMA 58721 



Bishops** CommwBlj r Set Ul 
P.a Box 42. Dourfso. lo.IL 0ta«39U 

AJUIAC* May 4 BLB 543U 1 — 

WjffSBRiBjnL-T. 

Bridge Msaagenwid Lid. 

GPO Bo> 590. Hong Kong 

f^S^udszil^LZfiUs! ia 


SHtarnb ML hnm tiaeae LhL 

aawBf^ ^ 

xyxrf , fg^ P 7.46 

IfeWersUSrwSFixxJ-tSMM ,Toa 

OC4felnm»M I6.7S5 Li.'f* 



emwflle Maiageewnt Liffl'ited 

PD. Bax 73, SL HrWpr. Jersey. 

GuRMtM DtaOofl Fd. mpn. (Guemscj) 
PO Bos 188. 5L Peter Port, Guernsey. 0481Z3606. 

IntL Fund ,_.K19JA 20. 

£ »erttng Etfeiw at e nt ft 0.7? 11 

S.D.R. Euuholent ,,.^7 Jb 17__ 

Prttas at May 33. Next dealing 

Ham bra Pacific Fund Mflitrt. Ltd. 

2110, CeooaudK Ootr*. Hong Korn 

ESM&rBS 2 Si8:d = 

Ham bras Fd. Mgn. (C.l.) Ud. 

P.0. Bax 86 , Guernsey. 

8S*Kr”"' 

M™ — i 

inno. ttooa.. — . — 

5 bS »3 

^^tars "on M*» - 
tExdudH xxtid 

Henderson Ad mi a- (Guernsey) JU». 

7 New St, SL Peter Port, Guernsey 048126541/2 

S1&© W :=:J = 



41 


Quest Fund Man. Uency) W- 
P.O. Box 194, SL Heiier, Jency. 0534Z7W- 
Ount Stta. Fxd. lrt_.KD.ra. 91k 

BBlEzdfffi ..... 

Pr »5 on to 39. tied dealing 

Oufiter/UeinoM Commodities 

31-45. Gtedmm StmeL EC2V7LH. 01-600 4177 

■“"vsaiSfai?a* j - 

RBC Imrestment Managers Undta d 
PQ Baa 246, Sl Patar Port. Guernsey. 04H-2302L 

3 ssaE» *ara = 

pmhIhpi Managers Ltd. 
M?»t.l5«.»ntm.^a«fc- (^9-29)27979 
UAMINCD May 4 06-86 9131 — -I — 


Met— and Ufa Ass. Ltd. 


Fundf. 


%9 




Weekly Dealings. 




3i 4 1185 


SltarTsiZZ-i 


SlpWIno DepwK Bfl,r 

Fd. 

m 


tvtl 

GoM Bond - . ... 




S&Srd = 


— AmsHon 



= § 


Property 

Kar.PetoJScaxrt 

Do. Initial , 

cat E<»PeiK-Acc. 

Da. initial 

Money Pens Act 
Do-lrtUal 


11752 

'177.9 

1542 

,159.9 

134.2 


01-534 5S44 
18021 -US — 

S3 :S -~ 

m J- 

168.4 

Vki 

M3 i 


G-J-Pfcn Bond Fund., 


GTPbiHJgnvu Fh 1.M7 
n Far East Fnd)92.9 


GTPfcnl 

GT Pta N Am Fund 995 

PUlUK&G-E. Fnd 907 
_ Pin WHdwte Fed. 93.7 
GT Pension Brel Fnd . 906 
GT Pen High Yld Fd_ 97J 
CTPcnFw East Fd- 935 
GT Pen N. Am. Fd___ 1025 
6 TPeflUK£G.C. Fd.. 1006 
GT Pea WcxMMae r(L. 9i3 


99J 


104.9 +L0) — 
93 x . 

974 . 

10 U 

1039 

W.7 - 

i(R.e +lo| — 

1025 . 

985 . 

1083 . 

106.4 . 

983 . 


l/drrna ttanam^^ 
HWSit. 6 *ay 18-1 


■ May 181 


7ech.Fd._- 

BuU«SngSoe.Fd 

Balanced 


Cstu f Aaogd. Fd. . 
Deposit. 


GaL,— , 

Nalural RKOaress 


IHWO 

J050 

moo 

Ul3 


= ESfc— 


b 



-L« - 


SAfSm W. 

Property May 
Sun Life of Canada (UK) Ltd, 

2 , 3, 4, CodaparSL, SW1Y 5BH 01-6005400 

■tapfc Lfc Ptart 

Growth Aeeotxd 

Mmag rato yrt— I 

Et antyR - - 

fT'OpCTl* 

Fixed Irt. Ftt. Acaan.| 
lrtnl.Fd.Acnm.—, 

ISSE^SSiS! 




199JZ — 


213,4 _ . 


95.9 1089 




9S3 1085 


980 990 


975 1030 


95 Jl IDO I 

m.mmmr 

94 J. 99.1 



Ungedl — 
capita Pep. 

~ l a Viler, Jersey. JS*- 
• PUT, Grasy 0481 
Mbs. 1 a.m. 

L Fund (> 

Gift Trust 111 — 

G« Fwd Guernsey. 
hrtaL Sort. Sacs. 1 

First Sort Log 

First IrtnL. 






Henderson Baring Gnop 

801, Gloucester, 13, Peddw, tong Kneg 
Australia* 

astaSLi® 
•“'‘sasJteBU 



10.00 


HB-Samuel & Co. (Gnerasey) Ltd. 

8 UFebm SL, Sl Peter Pal. Gwnsey, LI. 
Guernsey Tst f203A ZUMI -2.91 3.42 


i»2! :.::i - 


Made Hone Life Ass. Co. Ltd. 

7L Lwrtjart SL, EC3. 01-6231286 

Ha* torse Man. Rl 18L76 I J 

Managed mu. FU — _ 13059 137.43 J 

Ftt— UM 6 lOa ..-1 - 

126A 




(Interest FiL 

Cash Fd. 


jaafe gaj 

THJI NiPfJ- U 1 UBUI ru_ 

Balanced Ftt 

Sirir Cirt & Recv.FtljlCT.i 
irt-Teetantagy ftt.Z|fe- 
MbAmBriSeaFa.. 

§^BBin*Ftnld-lJ' 



Assteurazfeid GENERALI S^A. 

117, Fenchurch SL, EC3M 5DV. 01^4880723 
talL Managed Band— (14L7 14921 J — 

General PortfoBo life Ins. C. Ltd. 
Croubreok Sl, Chrshum, Herts. Waltham X 31972 

Portfolio Fd. Acc 1943 ULT 

Portfolio Ftt. InlL 1700 +0 ' 

Portfolto Fd. Ci. __ 1905 I +L. 

Portfolio ManTAoL-. 58.1 £LT 

Portfolio Man. InrL— BS9 55.1 


London AVeca & PMm. UtL Assur. Ltd. 
229 Nngsway, Loodon, WC286MF. 01-404 0393 
‘Asset BuHder 1 1553 5&1] — J - 

London Indemnity & GnL Ins. Co. Ltd 
18-20, The Fortxxy, RpatSng $83511. 

Um m UjMW 

mMSS 2 ^„ 

Faed interest 

Loodon Life Linked Assur. Ltd. 

100. Tcntde St, Bristol, BS1 6EA. 0272-279179 


IntensBlori Eqitty. 

Prop. Eiputy & IKe Ass. Co. 

42 tooncfcdtdi Lento EC3A7AV 01-6211124 
ft. 2fte Prep. Bood.—I 245.4 I — 1 - 

P ro u e rt y Growth Assur. Co. Ltd. 

Lena Hoasr, Croydon CR9 1LU. 01-6600606 



Prt 4 arrf£and— _ — 
PrjfWrty Ftxxl (AJ ^,. 

Fund.-. 

A»rh:. FondCAl 

Siiey Hat Fuad — 
Ab£»i tot. Fd <A)._ 
Inxertiictt Fwd 
InrtsbneC Fund (A) 

Erp.ry Fieri 

Equity Fwd CAJ 
itotrFtxxL. 


Growth & See. Life Ass. Soe. UtL 
40, Lancfcn Froft Exchange, El 6 EU 01-3771122 

FtesIMe Finance I 

Ix rfm iX n I 

Laniai* SB. Acc. _ U55.7 __ 159. 

G. 6 S. Super Fd. \ £9.796 



963.4 

12L4 

140.4 144.i 
13 LI 1IL 

142£ 145. 

1000 100 . 


life Assurance Co. 

24, HWi St, Potten Bar. Herts. P. Bar 51122 

BMU V& |:d = 

Canada Ufa Ass u ra n ce Co of G. Britain 
2-6 HR<h Sl, Pcticrs Bar, Herts. P. Bar 51122 

llamged Pen Fund-. [L346 L418t J — 

Property Pm RcxL _ U.025 li® J — 

Indes Lnkd Pen Fmri (1073 2JOT J — 

Cannon Assmnce 1 w 
1 tBympic Way, Wetrttoy HA90N6. 01-90288716 


01-2837101 


Equity Units. 

Property Units — 
Equity Bcnd/Exac. 
Pran. Btxri/Eaec.- 
Bd. Bd/EtrcAJmL_ 

DcjjoatBorcJ ] 

Equity Acxon 

Property Acaun. _ — 
RJotI Acarm,. 
SmJcBut-'. 


1 -O.Ofl - 


2 ad Property- 
DriMaojcd. 


2 nd Ametysan.. 
2 nd IntL Money, 
2icl Index — 
2 n 5 co. PeicJ, 
2 SK.PrjL Fens/ 


07.26 10-2£ -OS — 

CT32 2156 — 

Hr - 

^ r 

2717 -a? — 

135.2 1433 -0£ - 

1M.0 1733 .... — 

,139.1 1473 -OI — 

H32A 1413 — 

119.9 -Of — 
1268 +02 - 

m :::: - 

179.9 -a? — 

IT 


GuanBan Royal Exchange 
Royal Exchange, EX3. 

BoanSan tuix an 

Property Bends 12953 3073) I - 

SHE UxteS AmM IMM 

Alarmed initial ,1154.4 . . 

Da. Acorn. Ilh62 174 

Ertiltr litWal P9L2 201 

Do. Accam._ 

Fixed InL 

Da Acorn. . 

Irtemsbanal loflM- 

Da Acaart. 

Property loWaS 

Da. town 

Deposit Initial 

DaAccum. 


U13J 




CREPfcims 

Pck. Maaaged Initid. 
tons. Managed AcoJ 
Pens. Equity Mtla! ._ 

tots. Eqiaty Acc. 

Pens. Fxtt in. initial 
Pens. Find InL Ace.. 

Pens. IWI Initial. 

Peos.im , LAec._„ l 
Ren. Prop. IritfaL- 

Pens. Pita. Arc. 

pens. Drabs. Iitidati 
Peas. Depos. Acc. — 

lUndm i Ufa Assurance PI- C. 

70ldPrtle Lane, Lofidog, W1V3U. 01-4990032 
Fixed InL Dep.. 

S3^£=r 

Wjperty 


J Fuads Lid. 
.024.2 UA 
.122.7 123. 

_ 107.2 ua 

. 1063 106 

1162 119. 

Indexed Stock CP.).... 102.4 103.1! 

London & Manchester Ep. 

Wtalode Parte, Exeter EX5 IDS. 
OwesLTSLFcLCap. JT03.9 — 

lurttL Tst. Fa. ACC. _ 2D4.4 — 

Property Fwd Cap.- 117.1 — 

S3S?g?£L-: iSj = 

)®fiSS&=IS|| = 

Fixed InL Fd. Act. __ Ufc2 — 

Gttt Deposit FdC^I33;7 


tiaertBufMlFfL Act.. 956 
Capital Gwth. Ftt. — 1M3 
Moneymaker Fund. _ 132 3 

ExeirtK lav. Ta 27815 

Exert^ Property— 1766 

ExoTCT. FtoOUe Z3DM? 



Money Fund (Ai 

Aduand Fund — — 
Gdt-«ctotf Fund — 
Gflt-Edgeu' Fd. (AS 


««-&»«.' W. (A>_ 
“ RrtireZflndty 


lirmnL AiwiTy . 
Irtemadonairtt— 


Ail mice Ac. UtLj2D03 ZLQ 6 I 


Imr. Fd UU 

Fortran ftt. yts~ 


— Can*. Pena Fd. 


039252155 




=8f 

+Ob 

-0.4 

-03 

^03 


Ua. Pm. Czq. UL,_ 

MaaPensTFd 

Man. Petr. CaaUt.- 
Prcp. Pern. Fd.— __ 
Prtte.Pens.Cot.Uts. 
Bidg. Sac. Pc.l Ut_. 

BMg. Sac. Las. Ul 

G*HsPeiR.*d , 

Gdtx Fms. Fd Ca|L J 

Eamvtom.Fd T 

Equity Pens. Fd tap. 


awn 

274.4 

10209 

WS4 

216.9 
2163 

104.9 
1035 
30Sjr 

ajto 
1923 
2 £93 
lt.3.4 
1493 
1493 


T tOH 


Property Can. 

SSf2*f!=SS 

ISSwAea 2985 

Fbsw Interest Cap. _ 1«.9 
Fixed Merest Acc — 134 .6 

CasfiCra— BOJ 

Cte 6 A^-_ 1«3 


=£ = 
-57 — 
-5.7 - 




-a - 


taterwttapal Cap— -JJ37-5 
IrtertoliorBl Acc. __11473 

American era. [109.8 

American Acc. filAl 

Far Eastern 

Far Eastern Acc. 

Drstrfonttan 

Ufc 



EC2V60U. 0272-299524 
19L3 -0.7] 

1571 ___ 

- 

- 

m ~ - 

144i -Oi — 
1553 — 0 j6 — 
1156 +02 — 
-M2 — 
+06 — 

il a 


2336 

i£&;9 

2443 

mi 

239.7 
1965 
2142 
1733 

134.8 
1146 
1759 
1623 




M z 


(lands fcr tohittid. 

esassfe. 

SSEffiSa: 

Pens. EspSy tap. 

Pens. Equity Acc 

Peas.F. Interest Cra- 
Pem-f. interest Act 
tons. Cast) Cra- 1 

Pens. Cash Acc 

Pefti. I art. Cap- , 

tons. Irtrt.Acc 

ssaasa. 

Pere- Far Estm. Cap. 
Pens. Far Estm. Act 


mnuacts) 

156.5 -02 
0 I6&5 -02 

iJ 

.9 1926 -0.7 

5 106S -06 

,7 1145 -06 

7 2225 *a 1 

_3 1323 +05 

>134.0 140 +0.9 

fefl 1002 +03 

-nail +02 

16651+06 

7L3 +0.3 


Brawn Shipley Tst Co. (JmeyJUri- 
P.0L BW C 585 SL Heller, Jersey. OS^ 74777 

aertngCaa FtiJ.(a)TB4Z7 14^4dM — 
IfXXUr.FdCaMhJ 10-00 3051 1 — 

ButterfMd M a nagem ent Co- Ltd. 

P.tt Bax 195, Hrautto^ Bemwfc. 

Buttress Erahy. 6434 LJ 8 — J US 

Buttress lacamt ES, 2H 

Pikes at Ifcy liL Next 9 fc dm Jma. 

CAL Investments (toM) Ltd. 

Capdbo SJV. 

P.O. Bn 178, 1211 Geneva 12 010 4122 4662BB 

P^l i w 

Capital Aset Mraagers Ltd. 
gemjfe^SLjritosfort’SLP^^B 

The CrtreacyTma -1950 996J-1MI 0.94 

Capital Io ta na t io nal Fund S-A. 

43 Bouieuard toyaL Uunilmg 

Capital InLruod 1 S2555 I — J — 



Target Life Assurance Co. Ltd. 

££ ““ "SfeS1Sfe«i 


01-7499011 


- Providence Capital Life Asst C«. lid. 

*0.7 30Uri>rtdeeRnutW128PG. 

- SoeciaJ Met Fd I4U. 

= SSSSfWcrSJ 
tSSS&xr-Bf 


~ IndtoiaDtaFilAcc.- 
~ Equity Ftt AO ; 

— ln+ Erl Arr 


— *Addtion to price where rerind mnflre. dorge apply- 


M & 6 e^oup 

Three (keysa Tower HD, EC3R6BQ. 01-6264568. 


Ancncan Final Bond. 
Amencaa tot Buntf- 

AfBtrrimiaBMd. | 

Comnodtty Bond 

Cemcrt Deposit Bond 


ExtraYWd Fd i 
FaMy Bonds. 


-0.4 

-ttl 



Capita Ufa 
CorUstm Hrase, Chapel Adi Wton. 090228511 

teSSShri W.l=l = 


Gfc Edged 

AiKrjqnAcc.- 
Pen+IJlep-Oap 
PecuF-LDeoAoc. 
ton- Proa caa—. 
Peo.nqp.Acc. 

Pen- Mao. Cap 

Pea Man. Acc 


_05oa isaa 

5S.i 

@449 
4 


W7B5 503.7] 


For 


see Mritiffc HoNfc A Ufc 


CMeRrin Assurance Funds 

U Kew Street, EC2M4TP. 
W?iwged Growth — Q6511 174 
Ifcnaged Inrarw — g038 84 

Msmauxcllz) 00541 U4 

HK 6 Iscome— — PZ .66 

income & Growth — vSa.58 

Be^c Resources ^P12.45 

AnwrtaBi (c). P253T 


01-2833983 


rn.Tr, 


-a« — 

m z 

93^-23 — 

118371—143 — 

'- 02 . 

-16c 



Pen. DJLF. Cap. 
PeaDAF-Acc. 


= m 


Far Fasterc Band- — 
OH bond.-- 

tn &^lSetf GtBd- 

IrteneCtoel Bond— 
lyw Furxi Bond .. — . 
Managed Bate 
Property Bond 


jb^s = 

836 

Ml 921 
[163.9 1722 ■ 

0718 2143 

pai 1156 
J 3oa9 

N9.8 104.5 

h402 1472 

pao 1051 
7957 1003 

ji43J) iaE 
|645_ 673] - 

»43 


RecnKt^Fjuid Bond. I1Q56 1130 


Peectoa Fad price as 


~ American (Cap.) P251 

Do. lAccun.) — 1423 

— Deposit (CraJ U9.0 

Do. (Acosn.) [135-9 

E ' 


Fixed Interest (CraJ. 
Da (Asaaa) ; 


(M9.5 

1*915 

1695 


Hearts of Oak Benefit Society 

129, Wngsway, London, VVC2B 6 HF 01-4040393 

- =fi& i53 :d = 


- 

— PPP Fund (Cap) 

Do. (AciMia.) — 

“ Pacific (CraJ -6635 

Do. lAcoaO 11916 

Property (Cap.). 

Da (AccumJ 

torsanl. Per 


+16 

+03 

-17 


759 

IniPetc EaFd.Aoc.. 535 
Full. InL Acc — — __ ^56 
lt 2 lP 6 «.Fsd.lnLA£t._ 59.6 

InW. Aca 60.3 

InttPens-IntnlAn.- 63.4 
Swaged Fd. Acc. „ W.i 
irtLPxa.UiB.mA3L. 615 
Prcpm- Fd Act 970 

fa otr+ F Fa^'aS' (SiHl Units nSTffUTW 9111. 

W fcMd Life A ssu r ance Co. Ltd. 

225, BOhops^be, EC2. 


Managr-iFtt 

Casnft 

Proper^ Bad- 

FundZZ 
Irlmdtand 


Hi® incnMe 

Far East _____ _ 

North America! _ 
SpeciriSt 

Ta 


City of We s tminste r Assurance 
Ashton House, *£, Sttny “ 



~ ItanagzdFond 

Hend erson Adminastrartioo 

11 Amsbi Friars, London, EC2. 

BntndLzm 1 

CSpresad Growth Fund . 

Tadxo 

Natural . 

Special Skuadons Ftt 
Nath Aacncsn Fa. — 

Far East Fund - to5 

Property F«i_ B07- 

ktaoBeed Fund UM - 1 


<059 

I (e Insurance Co. 





: Pat. Acc. _ 

Property Peas. Acc. _ 

FV. InL Pei f. Acc 

BwBj Pera. Acc. — .fl43.6 


IgSjC 

mo 

1653 


01-2476633 


|992 

war 

3WJ 

IQlo 

127.9 



6£33- 



043856101 


JwestmenC — -— 

Internamnal — 11358 

tomfcu Rond Pries 
Managed 1st 


. JUnlL 
Fund cwrany 

PerttmOrws 


RBUiciLdV S^::d3 



rfermUnrts — 1 2 665 — 

For Pesto Frias 6 (faol 

(21 Prices ere for prtfoes braed after 1339< 


Sene (21 Pritesne for 
Senes CL) These an ' 

Cfericri BBedtcal Managed Fun* UA 

15, SL Jane's So, SWiVAUl 0M905474 


HW Samel Ufa Assur. Ltd. 

MLATwr., Artfccnroe Ra, Cray. 01-6864355 


Mixed Fund C10.0 

Curb fund 104.9 

Price Mg 1Z ttlkdeafcraon' 

CatranerclB) Ihrioa Gray 
SL Hefoo's, J, UndersMlI. BCa 


01-2837500 


I:::: j = 


Un. Acc ttq 

^tondfo HamT 



Fiwd Interest 

NS^STiSrfiiS^ 

Confederation Life Insarauce Co. 

50, Chancery tane. WC2A1H 5 Ul-2420232 


E unity FimI 

Mra^dFund , 


SK50 

' - ■ Pea 


[2713 


B4J> 14L0I — } 
Pea 1340 141fl 

3458 
3ZJ.7 


[4544 


1093 


Groin MngttP 
Fuwd InL Pen. 
ErakyPensioo 
Propenv Peottcte - 
International Pea_, 
Casbtorraon 


Continental Life Insurance PLC 

64/70 High St, Croydon CRD9XN “- 6 ? 1 5225 

Bsassii>%Mi im=J- 


Esaifc.— 

Proper^ Series A 

• Untts 

I Fnd—.. - . 

Managed Series A — 
Maaaged Series C— 

Iftmaged Units 

Hrrfl YWtf Fixid 

Money Series A 

Money Unto- 

Indexed Sec. Ftt. 

Europe* Fund — — — 
NatoraJ Rsomas Ftt- 

Far East Fund 

Spea Sits Fund 
Pentad Fund total 
Property Act 


Guarantee Cap— 
Equity Acc. 


“ Fixed InL tap s — 

“ Indexed Sees. Acc. 



Gdt-Criged InlL- 

Da Accra l.. 

Qtraiterd Intt. 

DaAccum. — 

International ln«L — 

Da Atom L 

index Lk. Gat INt 

Da. 



For dfiaal Unit and (fiber Prices ring 

ftria d M Peisiops Limited 
Z Hofcroro Bars, GC1N2NH 

z a»5VB" 
z 

— Pro-Lint Befc emu rt Ptea„ 

= ^Fzz-®S 

— Refuge !mej<nwnts United 

— lG3CrionJSc,Ma«tester 061-2369432 

Z LJM.7 

Property— — p 02 o 

— Retace Mutual 

Tunbridge Wells, KenL 089222271 

SSIS&bsJKl 
BUSkfr^JB 

Royal life litseaooe Ltd. 
ton Had Ptaoe. Liverpool L693HS 051-2274422 

RiyNSMcldFd [230.9 2445J -L6I — 

Royal LKe (Unit Uafecd Ai 

MraagedFuntf 954 

EauhYFiMd 93.9 

irtto^Sxal Fond — 942 
Gd: Fieri.- 194 .^ 



C ha rt e rhouse Ja ph et 
1 PatCTTXEter Row, EC4 05*483999 

Enneror Ftori*. 

Charterhouse Japhet Currency MagL Ltd. 

Channel Hse, SL toller, Jersey. 053474689 


HU I Samuel Investment Wgmt- Intid. 

P.O. Box 63, Jersey- 053476029 

EEESftSK 

au- 

B^iSdlpF RtojgO^Z? 19*7 

EBEmw 

LC. Trust Managers Ltd. 

10 , SL 6 eorgnSL, (taogtas, toM 062425015 

lirt. Commotfities Tst. [953 10101 1 ■— 

Next dealing day toe 2. 

IGF Management Services Ihl, 
do Regtstran, P.O. Sox ZOH Cayman It, 8 Wf. 
Intend. Gold Fund— JSS9-90 62JM| 4 — 

N.V. loterbetaer 

P.O. Bo* 526, Delft, Hollard 

EsoeraWa(OfferPt*)| DFT7127 H>«1 2M 

I ntematioitai Bond Trust 
2 . Boolevard Royal, Luxembourg 
CtauANAV Uayl9.[ jR77 M-Oy — 

Class B NAV May 19 .[ SUA I- 053 — 

International Pacific bra- MgroL Ltd. 
P.a Box R257, 56, Pitt SL, Sydney, AjisL 
Javelin Equity Tst IAS3.47 555J 4 570 

Investment Advisors, Inc. 

First International Plaza, Houston Texas. 


RottacMd Asset ManageeKOt <£{•> 
p.a Box 58, SL Jutas Ct, Guernsey. 048125OT. 
0-C. AroerfcaFJLt— f* " 

Commodity* _Z 

sissssafe 
eaK±= f 

"SSmBsaF 

■Wort on April 30. Next, dgaftri Hiy I* 
**0aHf rteafciQT T" April 15 tfitaaftra *«*» 

Save & Prosper International 

paEmrs, SL Heller, Jersey 0534 73933 
Fixed Interest F 
Deetsdfenarfcad,* 

DBr. FxU. lnL**t , 





Stenderg Thomas i 


846L 


izJ&a 4^zJ, rbo 

«feS!llw«LdvJmrl. 


. Fund lnc_ 


Proa Fund Inc 

Prop. Ftt caa 
Pr^FttAcL 
Prop- Ftt InrL 

Proa Ftt. Inv_ 

Ffaari InL Filina —4 
Fixed Ira. Ftt Caa „ 

Fixed InL Ftt Act — f 
Fixed IqL. _ 

DW- Ftt Inc. 

DeaFttAcc, 

DeaFtt Init 

UJCEqdtyFtt lnc-_ 

U.K. Eigaty Ftt taa . 

U.K. Ecutte Ftt Acc— 

ILK. EteityFtt toil— 

InLBaHtyFttlnc .... . 

M. Eraby Fd. Caa—t 
InL Eqtaty Ftt Acc. Z 

ill — 

toLp5nCra.Pen.-l 

Maa P«a Ftt Acc. ' 

Mw. Pea Ftt Cra. _ 
cut Pen. Ftt' 

GBt Pen Ftt Cap 1 

Proa Pea Ftt Acc — ! 

Proa Rea Ftt Caa— E163 
Oar.feiFd.Ac— 

Guar. ton. Ftt Cra.— I 
lirisel- Pea RLQP -l . 

. tedex-L ton Fd Are. -|955 
SterSngFivri — 

U3- Dotbr Frtd _ 

Swes Franc Ftnri 1 

Deutsche Mark Fund. 

YenRferi.— — 

Tiaus ia taruaMoU life Ins. Co. LbL 

S-57, High Hofoorn, WC1V 6 DU. 01-8317481 

Series 

Series 2 BadCyfit—i 
Series 2 Proa Fd- — ■! 

Series2FttEdliaRL. 

Series 2 Money Ftt 
Series 2 O'seasFd — 

Ttktp InvesLHJ — 

Tifip Maaged Ftt — 

I fcnped Im. Ftt- lot 
Mfeaned Irw. Fd-Atx..; 

MaaPec.Fd.Caa-, 

Uaa Pea Ftt Acc— 

Z Trident Life Asnrance Co. Ud 


USS 

E SterOng 

inv; 


4841 

4017 

m? in 


SDfTs 

2542 


+001 

-mm 


Invicta Investment Management 

1 Charing Cross, Sl Heller, Jersey. 0534 73741. 

ffiissa^BV 

Jardine Fleming & Co. Ud. 

46th Floor, Ccmaoght Centre, Hoog Kong 

4o F (&3tz.-zr SSi 401,0 

J.F. Japan awlt Co. 


M- 


C ham ton Coawaod&cs (We of Man) Ltd. 

29, AiM Streep Dougias, luaM. 062421724 

Btaja^M griTagLia^g ±mHm m 

Cant. Currency & Gdif 3 .Il. i n L 


rjp^n S 

jJr.'J^nTeclknkw it 

J.F. Eastern To. U 

Do IA m pi.1 11 

ttF.W Sets. (lnc.)| 




5-ffi 

-'T.' Qv ABiFttih 


to - 


« - 


1432 — 


ComMi Ins. ( Gu er nsey ) lid. 

PA Bn 157, SL Peter Port. Guernsey 
lited.Mra.Ftt 12205 240fl ..„J - 


Do. (Accum-i 
Japan & Pao. 

London Agerts: febL Flenwta & Co. Tel: 01-283 


2400 


10 a, BoUexard Nayal, luxenhowfl. 

ilnfctt I 5HL22 f-022f - 


Crragmaimt Fixed InL Mngrs. (Jersey) 

PJl Bax 195, SL tofier, Jersey- 053427561 
Ga,F^U^3_ Swte ^+02| 1430 

DWS Deutsche Ges. F. Wratp ap l erra 
Gruxteburyweg 11% 6000 Frrakfwt 

IDfcBOG 3L95| — J — 


Leopold Joseph & Sons (Guernsey) 

HI reel CL, SL Peter Port. Guernsey. 0481-26648. 

1—1. Sterling Fund— JQ4JI8 1189) 1 _ 

LitS Currency Fnd 

Telephone Uwr hr bust prices. 

tor King and Stan see 
Britranta InH. fcn. 

Kiemvort Benson Group 

2D, FenrixnchSt, EC5 01-6238000 

■raiSi^S = 


Della tawgi 

P.a B« 3012, 

p«ta.n ! ._Mran^ta29_ s 


Lonckn Ageras Ktetann Bensca Teh i 


8000 



Deubcher iBvestment-Tnist 

Ponfach 2685 ficberane 6-10 6000 Fraritfurt 

ss^ Stad s-jgrsg , ^5 z 


k93 


Q4 



Brad Da ni n Lambert 

77, London MldL Londoq, 02. 


01-6283200 


London Ruad. Gloucester. 


— Haney Fund-. 




Save & Prosper Group 

4, GLSL Helen’?. Lnc*L EC3P 3EP. 


= I 


p 

Property Ftt* 

GBt Ftt nSi 

_ 


Lean House, 233 MW SL, Croydon 
Propwty = , 1 


1917 

283.1 

m 

1SL3 
226.4 
1542 
1754 
1452 
1635 
848 
79L3 
97 Jl 
.9 


01-6869171 



North American 
Da Pens. 

For East 
Da - 
lira 



SBE»= 


— A E. Bond 


Wa5 

ML} 

p4£l 

148.1 


01-5548899 

172ri-0.7| _ 
17M ,-i - 
369.3-2.2 — 
35Za-Lfi - 


149.7 -L3| - 
Ini . . . . , 

5L0) -OH — 


Pens. I 

Pros l_, 

Rens-GBi Edged AcaiL 
Peas. GaLDrp Acc — 1170 0 

Pens Pte. Acc [25.7 

Tri In*. Bond — -.-1 520 
Tyratad Assaranca/Penslons 
18, Caayoge Rond, Bristol. 

Do.Pens.- 
Era«y 


0Z72 732241 


_ Properi .7 


Overseas lux. . 
UK In*. 


_ Deposit 


lfen.Pm.3-W- 


-Pnces on May 19. tWeefoy drahngs. 
Schroder Life Group 


0705827733 


CamhSI insurance Co- Ltd. 
32,CcmhM, E.C3. 

war a^-i^ 5 


01-6265410 


Ma 9 .era.Ftt 

wjwea 

5&5foK.Fd 


p. wls™ ;i& - 

S. Spec. Ftt.— I 71.0 



+3-01 


hSmd Secs. Cap— W53 

imperial life An. Ce. of Canaria 

ImperiN House, Gtokfertt 71S5 

S|:d = 

Unit linked “ortfoHp 

PSJS^FSnd [117.7 1Z3.S 

Irish Life Assnraace Co. Ltd. 


MuMpfe Health and Life Assur. Co. Ltd. 
Stephenson Horae, Brunet Centre, 

MBtun Keynes. 090864122. 


feu-. . . 

183.1 

■uey — — - — 

144.4 

1125 


— 

1 2A3 

Income Accum.— 

132b 

Gaxral 

ItRB 

iSE-5^ 

1^4 

1125 

SfSFaTKtZZZ 

1076 


T785 


.'A 

J79J) 

Nbgna Iteuped (387-2 




Crafit & Commerce Insurance 
120, toped SL, London W1RSFE. 01-4397081 

CCI Deposit FnL IUOO U 6 .? 

CC1 Erato Fnd. ULO 

CCI RSrinLFraL- 115J0 
CCI Mrad. Fni — _ 1670 
CCIBtaOdpFtt-- 97.0 
CCI Inti. Fd _g.O 



1175 

86.9 





wtx 

1724 

2K5 

..... 

m 

3714 

ia*a 

aaMl 


CCI Hidi InajmeFtt-L.. . 

CCIPrraertyFtt 1940 

Crescent Life Assurance Co. LW. 

14 New Btidge Street, EC4V6AU_ 01-353B«1 



CnwnUfeHre. Wfokfog |GU21 WW 

Dbr.Ftt.tncm. " 

Kang’dFttAcc.— 
tSSufSItOL— 
Mrag'ttFdlnOT.- 

Property Ftt acc. _ 

Property Fa ml— . 

Property Ftt Inaa— 

FtaSlnL Ft Ara. — 

Reed InL Ftt Inent - 

Enzvg 

lny.-HLH.ML 

KSWC- 1 

liter). Fd. InCnU— - 

HtgbtnooraeAcc. — 

Kfoh Income Inc — - 

Brewfn BmtyftL — 

SteatfBicJnw. «L— • 

Beaufort Man. H — 


tobtt 
Prop,.— 

PraNtaL-. — — 

Exempt- Um Ft — 

High Rome Fund — | 

Onal 

i cm * mwitr*— PLC 

016235433 

HW- 8512H1M) - 

x i-w hm Life AssW. Co. Ltd. 
MKtt Mota*rookOr w NW4. 012p52n 

HHWSlPmFjraJ-.Mtta ’»’• 1 - 

Langbam-A Plan — Ej?« 

Proc. Bant - — [203 

W^(SP) Man Ftt (959 

Legal A Gened (Unit Assur.) Lid. 

Cosh toUai — 

DaAoam. 

EqtotyMtb 
Pu-Atnna. 

Fixed Initial 


NEL Peudous Ltd. 

Mtton Com, Dorteng, Surrey. 
NetexEo-Caa.. 

Netex Eq. AcaniL . 

Mefox Money Caa- 
Ndex Afoa Ai 
NeterGUilncCra- 
NetexGBitncAcc. 

Net Mxtt Ftt Caa — [ 

Nd Mai Fd. Acc f 

NefoxOepooitCaa- 
Nelex Deposit Aca- 

NetlnderiJLSecs,.., , 


NPI tomtom Management Ud. 

48GracednxchSL, EC3P3HH- 01-6234300 

“-lawBiflri - 

National pravRfwt I n sttt uflon 

48, GraoecJuttfiSL, EC3P3HH. 01-6234200. 

ukI&ZZZZ® 

OwrseraT 
Americas. 

Far East 


F/Tbl Pea Cap 

F. InL Pea Aca. 

Money Pen. Cra- 

Money Pea Acc.— 

tora-too-Cap 

Prop. Peo.Au: 

“Prices are for iJS 
Pestont Serin B, May la 


toy-£- 

DeafVri- 



. , , M 2 J 

Index LiidKri Fund— .{953 

Vanbrugh Life Asuraoee 

41-43 Maddox St, Ldn. W1R9LA. 


Wfod a ster Ol rairito d Lltf. NAV Araflap- J2522. 
Winchester Oreras Lttt NAV Apr* 30uatm«» 
Wtodratar 115. Beseren Utt Current yield 13.9% 

Drayfes l utare— Itaau M Imr. Fd. 

P.a Box N3712, Maeon, BUraras. 

NAV May 11 [2539 28071 1 540 

Duncan Lmrrie Im. MgL Ltd. 

Victory Hse. St Prter Port, Guenssey. 0481 28034 

stssass=KL a=d is 

Etason « Dudley TsL Mot Jrsg. Ud. 

PA Bax 73, SL HeBer, Jersey. 053473933 
EJLL&T. (U89 1285) 1 - 

The EhgBsh Assodatian 

4 Fore Street. EC2. 

7?f 

E irad^ ^ LFtt- .^570 
•Next deaBng Ifer 

Ennrtage Maugutot I hi 

GrwwWe Hse, SLKeHer, Jersey, C.I. 053476007. 

"“ fl, = l=d = 


.LB. Eirobond Fd 

its. Far East Fd , 

ILB. Gill Fund 

K2. InL Btt Ftt Inc.. 
HLB. InL Btt Fd. Acc. 

K_B. Inti. Fund , 

K .5 Japan Fund 

K.B. Steri. Asset Ftt . 
K. 8 U^.Curth.Fttj 
Srgort Brrmuda.„.. 
TransadaraicFtl 


Korea International Trust 

Fund Man.: Korea Invest. Trust Co Ltd. 

Cfolfidrart d, Caste 14 »N 

NAV won 5304JL 1 DR value USS8^52.91. 

The Korea Trust 
Daehan Investment Trust CaLhL 
1-518 Yoldo-doag, Yongdurgpo-Ks. Seoul, Korea 
NAV May 15 (Woo 9,211) (US$12.71) 

Lazard Brothers & Co. (Jersey) Lid. 

P.a Box 108, Sl Kdier, Jersey, C.l. 053437361 


StSJ&d 

North American — 

Seprot;. 

D Marts 

£ Sterling.. 

Yen 

4 816 

.) iS^ 4 detfngL 

Schroder Mnflt. Services (Jersey) Ltd. 
P .8 Box 195, SL Heller, Jersey. 053427561 

^“""BSUgaWk- 4 - 

J. Henry Schroder WagS & Co. Ltd. 

120, Ctoapside, EC2 01.5B84008 

TrSdgv Ftt farO 30_f $21371 

Schroder Unit Trust Mgrs. InL Ltd. 

Box 273 SL Peter ton, Guernsey. 

Mmtt Curacy 1504.1 

f FbSd Irteres 

SFtxeftraertsfZ: 

$ Equity 

Schroder Lift taoraj taL Utt 

m 

lfi ni^aHRLddw 

Scrimgeour Kemy-Gee MngmL. Jersey 

1, Charing Crass SL Heller, Jeney. 05347374 
SKfi Capital Fund— (172. 

SKG iraorae Fund — W-7 
Gitt Bond P23.4 

Sentry Assurance International Ud. 

P.0. Box 1775 Hvolltoa 5 BeraudL 
Managed Fund 54.0537 4.4591] .—4 - 

Signal LHe Assurance Co. Ud. 

Ocean HeHdds, Queensway, Gibraltar. Telex 2332. 
Gramti Strategies FiL.|£271 271] „„J — 

Singer ft Fried lander Ldn. Agent*. 

28 Camon St, EC4. 01-2489646 

Dekafoads.. 





Tokyo Tst. April 29 


zr&*n-^ ^ 


Strategic Metal Trust Btagrs. Ltd. 

3 Hni Street, Dongtes^ I0M 062423914 

Strategic Metal Tr.„|98929 0.953] 1 — 

Stronghold Management Limited 

P.a Box 315. Sl H elier, Jeney. 0534-71460 
CcxnitwMy Trust 112909 13538] ] — 

Sun rarest (Jersey) Ltd. 

4, Hill SL, Dantdas, Meof Man 062423914 
Copper Trust (01.96 12J9f-0J7l — 


053473494 




— CasbFuntt 


Eurobond HoMtegs N.V. 

PJeterma* l£j tM to rm ta ^ Curacao. 

: Intel 1J3 Worship SL. London EC2 


— EnroHktgL. 


— -i 950 


01-4994923 


targg^Ftt 

Zl« 


tSi 

nretitaLtol 


art Ftt 

1626 


Vanbrudi rrminni L imit ed 
A^lSteSL,Lifci,WlR9LA 01-4994923 



S3. Europe O Mprto o i SA 

Enrape-ObMgatfoRS— | $4479 H163I 132 

Earatax Investments Utt 

092733166 

Linr. Fund — |liB4 108.91 ! — 


T nn(, wx 

» 


FhfeBty hrtematiotaL 

8 Quae rnyrar Hooray foaeat SL, SL HHfor. 
Jersey, C-L 053471696 


Ur. Bros. InL Asset- C 

Lloyds Bank (C.L) U/T Mgn. 

P.a Box 195, SL Hrilier, Jersey. 0S3427561 

UoydsTst.0^._^6 84^ J 238 

LJoyds Trust ^3^-t-OUlJ 1330 

Uoyds Bank International, Geneva 

P.O. Box 438 1211 Geneve 11 (Switzerland) 

ttMSSrSH 7 L « 

Uoyds Bank l atiirnati cnal, Guernsey 
P .8 Box 136, Guernsey, Channel Islands. 
Alexander Fun^J ^^5 | .—4 - 

Net astet value May 18 

Laois Dreyfus Csarrsodfty Fund 
do Trustee, P .8 Box 1092, Cayman Islands. 
May 14. Valuatfoo per unit 55,406.78. 

M ft G Group 

Three forays. Tower HIU EC3R 6 ttQ 
Atlantic Ex- May IB- 


TSB Trust Funds (C.L) 

10 Wharf SL. SL Hefler, Jersey (Cl). 
TSB GUI Fund LU — 190-0 
TSBCntFttfJsyJUd. 

TSB Jersey Fund...— „ 

TsB &as , rf 


Tokyo Pacific Hold tags N.V. 

lntlrols Management Co. N.V, Cmcao. 

NAV per stare May 17 S85J7. 

Tokyo Pacific Hldgs. (Seaboard) N.V. 

Intintis Management Co. N.V, Curacao. 

NAV per stare May 17. 56259. 


01-6264588 


GoM Ex. May]?.—. 



F ft C Mgn*. Ltd. Imr. Advisers 

1, Laxcoce Pouttney KHJ, EC4. 014234680 

msassim* ““ ' 

Pitas M« 


Austrian Ex. 

Island 

(Aeon Uidts) 

Management International Ltd. 

Bk. of Bermuda Bldg, Bermuda. 809-295-4000 

85a. _ [.ZlilToo 


Tyndall Groap 
2 Now SL, SL HeBer, 

T0FSLIfeyl3. 

(Accum.dunKl- — 
Amerttaa May 13 — 

(NoriJ. Aca Lits.)- 

tefiLWfc: 

EquiSTtofla , 

Fixed Interest Apr 21 

jte&d 

j Ind tori! 22 
Fixed.im.taApril~ 




Ind. April 



> on April . 


next dealing May 


MMtand Bank Tst Corp. (Jeney) Ud. 

2S-34, H,B SL. Sl Heller, Jersey. 053436281 
UhLOraytonGnt...^ JJJ 1 |£ 


. Dnyton 

AA<L DnjytOB fr*. 




price on regutsL 

Scottish Amfca bl e I n ve st m en ts 

P 0. Box 25, Cralgforth. SfctaB. 0786 3141 


- lass# 


LMedGift— . 


E&=|f 

Deposit [97.9 




— UKEq.Wmi_ 

z }SSOSfB 
z 

_ Americas Accum. 
_ For East Initial — 
_ FarEaaAcaan 

_ Proa MM — 

__ ProaAaum.- 


IndexedGSil 
OepaftiwU 
Deposit Accum. 




Exempt Eg. WL __ 

Oa Accum — 

Erama FwL IM. WLQna.0 

Oo.Arstan—, 

Exerrea intrtt IMl 
D e. Accum. _____ 

EaengK- Froa InH — 

Da Acorn. 

ExentpttasfiML — 

Da Accum. 

Exenfot Man. IrUL — 

Da Acuna 

Scottish Mutual Asananca Society 

109SL Vincent $L, Glasgow 041-2486321 

Scottish NHdows' Group 
PO Box 9te, EOrtwrak EH16 58U 031-6» 6000 
*nv.to».lMayl4. 
low. PM. 2 M» 14. 

* fcfayJ4, 


Funtt- 


tota. Proa'RM^tti. 
Pert. InL Ftt W-— . 


Nor Zedand Sth. Brit Inset « 

MsUland Hone, Sonttaud SSI 2JS 07026Z955 



Legal & Genml Prep. JW. Mgre. JLJ 

H, Queen Vtaoria SL, EC4N4TP. SHBVi 

JP- 1 “ 





w = 

165^-83 

= 

1321 -81 — 
218< -03 — 
873 -05 — 


I +0-31 


1043 

_ _ „ 107-1 

2gSfiSte.-!§£ 

a? ua, M — 

tons. Uwed Ftt Ortt. U03 
19 

tom. Man. May 17 — Hb2-1 
Da CL Ftt Itoy 17 __144>3.4 
Cfo.Pro.FdhayJL 
Do. Cad) Ftt May 1 

Sknita Life Assurance Co. Ltd. 

161-166 Fled. Sl, London EC42J7T .01-3538511 


+02S] — 

Windsor Life Assar. Co. Ltd. 

Royal Afoert Hse, Sheet St, IMrakor 66144 
Investor Uruts_— —0127 ' 

Aceun. Peo. Units — 1177J. 

Flex. Irw. Growth —JT2L7 
Future Asset Growth -|22Dte1 
HeL Ass*dtovL 1 OL29 

OFFSHORE AND 
OVERSEAS 

Adig Investment 

Postfcdi 708 8000 ttmfcfc 1. Tefex 524269 


Albany Fund Managem ent United 

P.D. Bear 73, 5L heller, Jenxy. 053473933 

Albany S Ftt (CH_.J^^17^0| ....A 1* 

Fra- Alraramr toud xra Uoyds Bara ML Srarmoy. 
Ata Harvey & Ross lav. MgL (C-L) 

1 Daring Cross, SL HeDra, Jsy, CJ. 0534-73741 

xsgss&£ts&m*»iii£ 

ABiance I n ten mtiw al DaKar Reserves 

^^6SSS&.Wa B -S&8B81 

Distribution Much 17 (0000371) Q4394, pa) 
Ariadfaaot Securities (C-L) Ltd. (aXeXb) 
PJlifcx2B4.SL Heller, Jerray. 053476077 

Dollar Income Tsi — (C-995 1C 

East Inif. & Energy -Q388 M 

Gort Secs. TSL(Cf)-^L7. ,74 

Daily D urin g yi e ld s based n 
oFtt. 




Price at April 3a 


Fleming Japan Fend S-A. 

37, roe NdreDme Luxembourg 
FtadngMrall 1 350.63 ] J - 

Frankfurt That Investment— GmbH 

W tesnn a u I. D-6000 Frankfort 

ftraSLEWcLWzBaii 561^<L^ — 

Free Worid FMed LtxL 

Butterfield Bldg, Ha mR ux c Branxxta. 

NAV March?) 1 $14936 ] — J — 


(ILK.) Ltd. 



Minerals, 08s Res. Stars. Fd. Inc. 

PO Box 194, Sc Heller, Jersey. 0534 27441 
MORES May 13 159-51 933J ] 126 

Samuel Montagu Ldn. Agents 

114, OU Broad SL, EC 2. 01-5B86464 

1 ' 189 


Murray, Johnstone (Im. Adviser) 

163, Hope SL, Glasgow, C2. 041-221 5521 

Hope SL April 30 .1 

Nat Westminster Jersey Ftt. Mgn. Ud. 
23/25 Braad Sl, SL Helirr, Jersey. 053470041 
Higb iMooie Fund 1453 47JM 12.77 

f&sKi tt-s fla ^ 

•Sub. day every Thai. 

Ifegit SJL 

10a Boutavoftt Boyd. Luxembourg 

NAV May 10 0933 — | J — 


RL 6. Tyrrell ft Co. (Jersey) Ud. 

P.O. Box 426, SL Heller, Jersey, C.l. 

Ortac — | - 51800] 1 - 

tiw&stoa 1 * 

Union-Investmeiit-GeseBsclBft mbH 

Postfacb 16767, D 6000 Frankfurt 16. 

UnHondt. 

Urarak 

Urirenta 

V-CJL Financial Management Ltd. 

42, Essex Street, Undon,WC2. 01-353 6845 


Vanbrugh Find MngmL IntL LU. 
2B-34HAISL St Heller, Jeney. 053436281 

Vanfan* Currency RLP072 1D7.4NI J 838 

S. & Wtatang ft (ta. Ud. 

30, Gresbare Street, EC2. 01-6004555 


Sefcret Rfc. March 21 .fc 


“ Sterling Fi 




,-05 

U2J +0J — 

2ZL4 

4§ZJ 4^ - 

463.4 +02 


— Managed Act. 

SWfe^ii 

Imenatiwol Acc — 
g«-M»astaAca- 

^WMEVrahr 

bus tes ptomc 


,41 = 

-a< — 

M99| -1« — 



DeaBng no ritabsslay- 
B.LA. Bond Investments AG 
lft Ban e ta ane CH630L Zua, Swittrafcntt 
Bearer aL May 19-118355 10,9001+104 - 
Bank of America l utonati a nal SA. 

35 Bottnarf Rfort. Iracmferag ux 

Barclays (Man I h in national 

1, Charing Crara, SL Hefler, Jersey. 053473741 

uSoara^£^III^83 
UMiOnd TnBt — — [82.44 . 

Do. AtsL Min™ Wb 

(to. Grtr. Pacific 0203 

go. ini. I 

Da 


Berry Pac Ftt JMB 

asssSBd 

aTiwSrralJ 

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2, SL Mary Axe, London, EC3. 01-2833531 
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P.0. Box 119, SL Peter Port, Guernsey, Cl. 

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(otnL Managed 163-3 68.91 .—4 

Nortbgate Uidt.Trt. Mngrs. (Jersey) 

P.O. Box 82. SL Holier, Jersey. 0534 73741. 
pacific Ftt May 6 — 159.95 10561 .—J — 

Pacific Basin Fund 

lQi Boulevard Royal. Luxembourg. 


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Mere. Cmm. May la. .10527 15561+0151 35B 

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10a, Boulevard Royal, Lux em bo u rg 
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NOTES 

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tine designated S wWi no prefix refer ta U5. 
doflars. YMdstttshwmi fo bflSrangS^fja 
t ") w| 9 q *!??- * »ices (ntaxle aB 

expnen. b Today's prxes. c Yield hnm m offer 

Etk a wtrtw I 

premium beorance plans, s Sngte otenri^ 
insorance. x Offered price indoteail Smn 

sg^ssSiiasisS 

fmJ 722? JTi &1SSS: 

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BY DAVID LASCELLES IN NSW YORK 


CHASE MANHATTAN Bank, 
which has become entangled in 

ihe financial difficulties of 

Drysdale Government Securities, 
the securities firm whose failure 
to make a large interest pay- 
ment sent shockwaves through 
Wall Street on Tuesday, is to 
pay out interest owed by 
Drysdale. The move, 
announced yesterday. will bring 
the bank an after-tax low of 
$135ra (£75m). 

This marks a sharp reversal 
of Chase’s earlier refusal to 
accept any responsibility for 
Drysdale’s enormous debts — a 
stand that had provoked the 
anger of dozens of Drysdale 
creditors, and triggered fears of 
a possible chain of defaults. 

The Federal Reserve Board, 
which had been monitoring 
developments carefully, said it 


■■welcomed*' Chase’s announce- 
ment. The Fed is believed to 
have encouraged Chase to 
switch its position because of 
the anxiety in the markets. 

But while the news brought 
considerable relief, the sum 
involved greatly exceeded Wall 
Street's expectations and 
graphically illustrated the 
dimensions of the Drysdale 
affair, which burst on Wall 
Street with painful suddenness 
on Tuesday morning. At least 
two other hanks. Manufacturers 
Hanover Trust and U.S. Trust 
Co., are involved as well, though 
their exposure is a lot smaller 
than Chase's. 

Chase said the $135m would 
be charged against this quarter's 
earnings, though there is a 
chance that some of the money 
will he recovered. Even so. the 


figure exceeded the $116m 
(£6im) that Chase earned in the 
first quarter of this year and is 
equivalent to 5 per cent of 
Chase’s total stockholders' 
equity. Chase stock, which fell 
31 points on Tuesday, dropped 
another 2 to 462 yesterday. 

Drysdale was a new but 

extremely aggresive government 
bond dealer that gambled 
heavily on a rise in U.S. interest 
rates which never came. How- 
ever. it borrowed several billion 
dollars' worth of securities to 
make its trades and was then 
unable to make interest pay- 
ments to the securities’ owners. 

The banks were involved 
because they processed the 
securities, and it is conventional 
on Wall Street for banks to act 
as principals in many such trans- 


actions. But when Drysdale 
informed Chase on Monday 
night that it could not make a 
$160m (£S9m ) interest payment. 
Chase claimed it was acting only 
as agent and was not liable for 
Drysda/e’s debts. A storm of 
protest ensued, with large Wall 
Street firms like Merrill Lynch 
and Goldman Sachs accusing 
Chase of failing to honour its 
obligations. 

Chase's position looked 
increasingly uncomfortable after 
Manufacturers Hanover said it 
would pay out $29m (£16m) in 
interest due on securities that 
it had processed for Drysdale. 
So. did U.S. Trust. 

In its announcement yester- 
day. Chase said that as well as 
paying interest it would take 
on Drysdale's securities posi- 


tions and sell them. It appeared 
that Chase was essentially 
assuming the task of liquidating 
most of Drysdale’s assets in the 
hopes of recovering some of its 
losses that way. 

The exact fate of Drysdale 
remained unknown. 

Although the full ramifica- 
tions of Hie Drysdale affair have 
yet to emerge, it has already 
raised questions about trading 1 
practices in the U.S. Government j 
bond market and the apparent : 
ease with which small firms 
can build up immense positions 1 
with the help of large banks. 
The affair is also a major set- , 
back for Chase, whic his striv - 1 
ing, under its new chairman Mr 
Willard Butcher, to sharpen its 
sleepy reputation and build up 
its corporate services business. 



PtitllHli 


Bombardier Hyster’s £53m Dublin deal ^ e . w ^ rab 

wins $1 .4bn *‘ a | cein 

New York a Setback to N. Ireland GnmUays 


BY BRENDAN KEENAN IN DUBLIN AND OUR BELFAST CORRESPONDENT 


■By David Lasceiles in New York 

NEW YORK'S Metropolitan 
Transit Authority has awarded 
to Bombardier of Canada the 
second and larger stage _of its 
controversial $l.4bn t£//9m) 
contract Lo supply carriages for 
the city's underground system. 

The first stage went lo 
Kawasaki Heavy Industries of 
Japan, sparking a row amid 
claims that local U.S. manufac- 
turer had not baen considered 
for the deaL 

The Bombardier deal is for 
R25 carriages costing about 
5iS33m. The Montreal-based com- 
pany won the contract largely 
because of cheap, government- 
backed export financing. It also 
offered to procure parts and do 
some assembly work in the U.S. 

The Canadian Government’s 
Export Development Corpora- 
tion is financing all but SlOOin 
of the contract at 9.7 per cent, 
several percentage points below 
the current market rate. Re- 
payment will be in 20 half- 
year lv instalments, starting six 
months after the last delivers’ 
in 1987. 

Cheap finance also helped 
clinch the Kawasaki contract, 
awarded last March, which was 
worth 5275m and covered 325 
carriages. The Japanese offered 
9 per cent financing though 
they also charged a “ yen 
exchange-risk fee ’’ which raised 
the effective cost to 12.25 per 
cent 

The Kawasaki deal provoked 
a political row. Labour unions 
unsuccessfully tried to block it 
in court on die grounds the 
New York authority’ had- failed 
to consider local manufacturers 
and to hold enough public hear- 
ings. 

In the preliminaries to the 
negotiations on the second stage 
a government official contacted 
the authority from Washington 
to ** remind " it that U.S. law 
allowed domestic manufacturers 
to seek damages in some cases 
when public-woks contracts wore 
awarded to foreign enterprises. 

Only one U.S. manufacturer 
was competing for the contract, 
the Budd Company of Michigan, 
which, ironically, is owned by 
Thyssen of West Germany. 
Budd is understood to be con- 
sidering legal action because it 
believed the bidding system 
unfair. 

Budd’s chances of winning | 
the contract were affected j 
when it was disclosed that 
wheel-assemblies for its car- 
riages might be supplied by I 
Argentina, though Budd said 
there were alternatives. The I 
third bidder was Francorail of i 
France. 

The underground carriage i 
deals are part of a S7bn five- I 
year investment programme 1 


HYSTER, the U.S. forklift truck 
manufacturer, is to build an 
I£65m ( £53m ) automated 

materials-handling plant outside 
Dublin. The decision is a major 
blew to Northern Ireland, where 
hopes had been high of securing 
the investment. Hysler already 
has a forklift truck manufactur- 
ing plant 30 rniies from Belfast. 

According to the Irish In- 
dustrial Development Authority, 
the project, which is expected 
eventually to create 1.000 jobs, 
will represent the largest single 
overseas investment the Repub- 
lic has seen. 

Both the Northern Ireland 
Department of Commerce and 
the Irish Government had 
offered Hyster investment in- 
centive packages to settle in 
their respective territories. 

Mr James Prior, the Northern 
Ireland Secretary, said in Bel- 
fast yesterday that Hyster’s de- 
cision was ** a major disappoint- 
ment." 

Officials in Belfast said Antrim 
in Northern Ireland had been 


the favoured site for the project. 
They suspected that next Tues- 
day’s by-eiection in Dublin West 
persuaded the Irish Government 
to make an exceptional offer of 
aid to Hyster. 

But Mr Albert Reynolds, the 
Irish Industry Minister, said the 
Dublin Government had not 
budged from an offer made to 
Hyster executives some weeks 
ago. 

Hyster executives are under- 
stood to have studied sites in 
Dublin in early April, before 
the election was called. The 
plant would be in the Dublin 
West constituency. 

In Belfast, it is believed that 
Mr Charles Haughey, the Irish 
Prime Minister, personally 
intervened with Mr William 
Kilkenny, the Hyster chairman, 
to bring the plant to Dublin. 

The Fianna Fail Government 
needs to win the Dublin West 
by-election to give it a working 
majority in the Bail. 

Mr Kilkenny said the 
Republic’s package, including 


tax incentives, was just ahead 
nf that of Northern Ireland. The 
political situation in Northern 
Ireland had not entered the 
decision, he added. 

Hysler already has a fork-lift 
truck plant, at Craigavon. near 
Belfast, and has said it is 
extremely pleased with its 
experience there. 

The Northern Ireland Depart- 
ment of Cctimerce was anxious 
to see ihe plant set up in 
Antrim to offset in pan 2,000 
job losses caused by the closure 
of British Enkalon’s fibres 
plant. 

'* It Is a very considerable 
setback for us. We thought we 
had put together as goad a 
proposition for Hyster as was 
possible." Mr Prior said. 

It was disclosed yesterday 
that Mr Adam Butler. Minister 
of State responsible for indus- 
try in Northern Ireland, bas 
been to the U.S. in the last 
fortnight in an effort to per- 
suade Hyster to go to Antrim. 


Cut-price imports from Republic 
threaten Ulster car trade 


BY KENNETH GOODING. MOTOR INDUSTRY CORRESPONDENT 


A FLOOD of unofficial cut-price 
car imports from the Republic 
of Irela nd is threatening tn 
devastate the motor trade in 
Northern Ireland. 

C3rs from the Republic are 
heing sold at about 17 per cent 
below list price in the north, 
which is roughly the price 
Northern Ireland dealers have 
to pay for them. 

In the first three months of 
this year, of the 15.045 new cars 
registered in Northern Ireland, 
2,125 or just over 14 per cent, 
originated in the Republic. 

But recently the pace of 
imports h35 hotted up and an 
estimated 400 cars a week have 
been pouring across the border. 

Northern Ireland dealers 
have been left with large stocks 
of unsold new cars and the 
prices of one- and two-v ear-old 
used vehicles have slumped in 
the face of the low-cost imports. 

■‘ It is not overstating the 
case to say that many dealers 
in Northern Ireland face bank- 
ruptcy said Mr Peter Thomp- 
son, the Northern Ireland dele- 
gate to the Motor Traders' 
Association's national council, 
yesterday. 

A number of factors have 


encouraged the unofficial import 
trade to Northern Ireland, the 
only part of the UK which has 
a land-based border with 
another EEC country. 

O The Republic’s government 
recently made it easier for 
traders to reclaim the vehicle 
sales tax — 50 per cent on cars 
up to two litres and 60 per cent 
on those above — and the VAT 
<18 per cent) when cars have 
been exported. This enables the 
unofficial importers to buy cars 
free or all taxes. 

• There has been a severe 
downturn in demand for cars in 
the Republic. Sales fell by in 
per cent last year compared 
with 19S0, encouraging traders 
to look for export business. 

• Northern Ireland is the only 
part of the UK not to have 
type approval regulations 
(covering safety-related specifi- 
cations of a carl which on the 
mainland provide a technical 
barrier to the mass import of 
cars by unofficial dealers. So 
the parallel importers in the 
Republic have been shipping 
transporter-loads of cars across 
the border. 

The Motor Agents Associ- 
ation. with 310 members in 


Northern Ireland, claims that 
1.000 of the 6,000 jobs in the 
dealer networks there arc at 
slake. It has written lo Mr 
Adam Butler. Northern Ireland 
Minister, drawing his attention 
to the situation. 

The MAA suggests that some 
or the cars assembled in the 
Republic do not meet the UK 
"construction and use” regu- 
lations. which also cover vehicle 
safety, and are therefore not 
legally allowed on UK roads. 
It wants this situation more 
closely monitored. 

It has also urged the Govern- 
ment to extend the type 
approval scheme to Northern 
Ireland. This would help stem 
the bulk imports but would not 
prevent individuals going to the 
Republic to buy their cars. 

The car manufacturers are 
limited in what they ran do to 
prevent their dealer networks i 
in Northern Ireland being 
decimated. Bui Ford. BL and 
WV have introduced short-term 
financial aid schemes enabling 
•their dealers to reduce prices, 
while Renault dealers have the 1 
benefit of a UK-wide incentive 
scheme which started this 
month. 


By Paul Taylor 

A recently-formed Bahrain bank 
backed by Bahraini and Kuwaiti 
businessmen emerged yester- 
day as the mystery purchaser of 
an 11 per cent slake in Grindiays 
Holdings, the company which 
hold 51 per cent of Grindiays 
Bank, the British oversea bank. 
The rest of Grindiays Bank is 
held by Citibank of the UjS. 

Thp sale of the 11 per cent in 
Grindiays Holdings, which is 
41 per cent owned by Lloyds 
Bank, was first reported earlier 
this week. 

The Bahrain and Middle East 
Bank was set up in 1981 by 
prominent Gulf financiers and 
is understood to have paid about 
£in.3m, rouehtly £2m over pre^ 
vailing stock market prices, for 
the 3.77m ordinary shares in 
Grindiays Holdings previously 
held by Mass Development, 
another Bahraini financial com- 
panv owned by Mussad al Saleh, 
a Kuwaiti- 

The bank was registered 
orsinally as a closed company 
and granted investment bank- 
ing and offshore hanking 
licences by the Bahrain 
Monetary Authority last year. 

It is a 5* 1 tv»r cent-owned sub- 
sidiary of Gulf Financial Centre, 
a mainly Kuwaiti-owned invest- 
ment comnanv registered in 
Shariah in 1979. whose chairman 
is Mr Yousuf al Muzaini. a 
Kuwaiti. 

The Bahrain bank made a 
public share issue of 35m 81 
shares in the Gulf last month. 
It was 600 times subscribed, a 
high rate even bv local 
standards. The shares, half-paid, 
raised the hank’s paid-up share 
canitsl 10 SlQPm. 

It held Us first shareholders’ 
meeting on Saturday. Mr 
Ahduirahman si Ateeqi was 
elecred chairman. Hr is a 
former Kuwait Finance Minister 
and adviser tn the Emir of 
Kuwait. 


Sterling was under some presr 
sure yesterday, and the stocky 
market was once again highly' 
sensitive to political and mili- 
tary risk., measured, by nearly a 
point off .gilt-edged and 10.5 
poinls off the FT 30-Share Index, 
which has fallen 4.9 per cem in 
three days. In New York, mean- 
while. . Chase Manhattan has 
agreed to pay its customers the 
coupons due to them from the 
defaulting Drysdale. This will 
set the Chase.back 8135m. going 
on for 5 per. cent of net worth, 
and roughly equivalent to the 
sum painstakingly raised in 
ingenious bond issues last 
month. 

Royal Dutch /Shell 

Elimination of the Ax amen 
partners’ cost advantage is 
enabling Royal Du ich /Shell to 
demonstrate more clearly the 
resilience of its downstream 
operations. . First . quarter net 
income has fallen from £459m 
to- £414m. on a reported basis 
but. after adjusting for stock 
items, underlying earnings are 
up 56 per cent to £459m. Shell 
is now using the more sensible 
FAS 52 currency standard, con- 
siderably reducing exchange 
rate distortions. 

To compare these figures 
with the miserable first quarter 
reported by the Araraco part- 
ners is hardlv fair, since Shell 
was passing through the trough 
of its earnings cycle this time 
last year. But. even in the 
latest period, it has not been 
short of problems. European 
gas sales were disappointing, 
given the severity of . the 
weather, and product prices 
were falling. 

Downstream operations out- 
side North America have moved 
from a LIFO loss of £49m to a 
Drofit of £25rn, but Shell was 
probably not making much 
money if natural gas marketing 
is excluded. Upstream, however, 
Shell has been able to capitalise 
on its relatively low cost base — 
Shell Oil earnings have hardly 
fallen even in dollar terms — 
and long term volume growth. 

Loss elimination in chemicals 
is proving a long haul hut the 
leakage. £15m after stock adjust- 
ments. is easily containable for 
a group which increased its net 
liquid funds alter spending 
£903m on capital account in the 
first quarter. 

The operational gearing effect 
of an upturn in chemical and 
petroleum product prices may 
not be as dramatic for Shell as it 
could be for BP. But Shell has 
proved how defensive it is at the 


Index fell 10.5 to 561.9 


Pence 

500 >^r:.u,v'v;. ; 

* V.V * *. Z .fk\ j tv* • ; ^ 

450 - 






3 oo|f— — SHEIX 

■ Transport ^Trading 

^ 1579 1980 1981 *82 


bottom of the crude price cycle 
and last night’s price of 414p. 
producing a historic yield of 7.1 
per cent may not fully reflect 
the potential for improvement 


British Sugar 


Few UK companies are more 
interested in the progress of 
EEC food price negotiations 
than British Sugar, except per- 
haps its predatory 40 per cent 
shareholder S & W Berisford. 
The heaving and creaking of the 
Common Agricultural Policy 
must make any long-term 
investor in British Sugar wonder 
whether the EEC-sponsored 
monopoly that the company has 
so skilfully exploited will last 
for ever. Not only do CAP 
strains increase every >ear, but 
EEC sugar prices are now 
roughly three times free market 
levels. • 

British Sugar shares slipped 
5p yesterday to 450p, 60p below 
their year’s high. Berisford 
may now feel that a bid would 
be too expensive, but a further 
fall in the share price could 
change things yeiy quickly. 

OGT Indexation 

The City's vision of an ideal 
world probably makes no pro- 
vision for the levying of : a 
Capital Gains Tax. A second- 
best might allow the tax tn 
exist, but apply it only to real, 
non-inflationary. capital gains 
(appropriately diminished by 
off-sclting the inflation-induced 
losses). 

Of course, the indexation of 
CGT actually proposed by the 
Revenue in the Finance Bill 
follows a rather different con- 
ception: the object of indexa- 
tion is to improve the fairness 


of this tax. but only as mudi 
as can be afforded. The yield j« 
must not drop too- fan. . - . 

It is therefore, not too sur- 
prising that the City has ex- 
pressed dissatisfaction with the;'*; ^ 
proposals, in some cases pre*} in- 
ferring to abandon the principle 
of indexation altogether. 

A number of genuine imper- 
fections have now been explored 
by ’ the Institute for Fiscal . • 

Studies. It appears, for instance, 
that the legislation contrives- to : 
give less efficient shelter to in- 
flationary gains as the inflation 
rate- rises. And .the. 'identigea- 
tion rules, by <mtlawi_ng the bed 
' and breakfast transaction, make - 
it impossible to harvest exempt 
gains without switching between . ^ . 
slocks (whether or not that 
would be desirable otherwise). 

Full of anomalies and ad- 
ministratively expensive com- 
plications, the Finance Bill at... 
least aims to create a le^s.-’ 
inequitable regime. It could 
even mark- the emergence of . a 
slightly less arthritic altilud? • 
among Revenue draftsmen. If it . 
can be simplified, so much the 
better. 


Woolworth 

F; W. Woolworth Company., 
of the U.S. has used its British 
subsidiary as a cash dispenser 
for many years now. Overdistri- . 
bution by the UK company and 
the related lack of investment - 
have caught up with the group, 
and. the stream of dividends has- 
begun . lo evaporate. Now 1 
parent company trouble- 
shooters are coming over in . 
force: the number of U.S. direc. . 
tors in F. W. Woolworth pie is 
being doubled to four, one of 
whom not only breaks new 
ground by taking on executive - 
responsibility, but is earmarked’ 
to become chairman and chief 
executive in less than a year. 
It is to be hoped he comes over 
wpU on television. 

It looks very much as though 
Broadway has decided to hold . 
on to its 52.6 per cent subsidiary 
in the Marylebone Road, which • 
removes one tired old prop for ” 
the UK share price. But any - 
sign of tough management— in ' 
particular a concentration on-: 
the principal . business, rather 
than the DIY. interests— will be " 
well received in the City. Wool- 
worth’s American record does ' 
not suggest, however, that this 
should -be taken for granted. 
At 44p . tbp shares stand at 
roughly a fifth . of current cost 
asset value— so far the only: 
way of unlocking this treasure 
chest has 4jeen partial liqui- 
dation through property sales. 



UK TODAY 

TEMPERATURES near nor- 
mal. Rain at first, slowly 
clearing. 

London. S.E.. S.W., Onlral 
England Midlands, Channel 
Islands. S .Wales. 

Cloudy with drizzle becoming 
dry and sunny in places. Max. 
I7C (63F). 

N. Wales. N.W., N.E. England. 
Lake District, Isle of Man. Bor- 
land. N. Ireland 

ders, Scotland. Orkney, Shet- 
land. N. Ireland. 

Rain at first, sunny periods 
and showers later. Max. 14C 
(57F). 

Outlook : Mainly dry at first. 
Rain spreading to the North 
and West. Warm. 

WORLDWIDE 


Continued from Page I 

Britain and EEC 


Continued from Page 1 

UN deadlock fear 


extension nf EEC trade sane- 
lions niwmst Argentina and the 
overriding nf British views on 
EEC farm prices. 

Ministers i-eem to he con- 
cerned ihat over-reaction may 
alienate Britain’s partners ■when 
she urgently needs iheir under- 
standing over the British 
budgetary* problem and their 
support over the Falkland s 
crisis. 

In the longer terra, they are 
worried about the effect con- 
frontation coufd have on pub- 
lic support for membership of 
the Communitq 

Support for EEC membership 
is lower in Britain than in any 
other member of the Ten. 

A poll last winter showed 
that only 27 per cem of ibo.se 
questioned in Britain thought 
the EEC ‘‘a good thing." while 
41 per cent considered it "a 
bad thing.’’ 

The Government had not ex- 
pected France to join six other 
member-states in undermining 
the Luxembourg compromise. :• 
device which France engineered 
and has ofien found useful. 

Mrs Thatcher rnneeded in a 
BBC radio interview yesterday 


that she “did not think that 
they would do this." *' No Head 
of Government warned me that 
they were going to do this in 
anj' way,” she complained. 

Mr Peter Walker, in his 
Commons statement and sub- 
sequent replies lo questions, 
carefully avoided any indication 
of whether the Government 
would contemplate withholding 
payments lo the EEC budget. 
This was a course which some 
MPs considered the only option. 

The implications of Tues- 
day's farm prices defeat do not 
appear to have filtered through 
to the Commons, where pressure 
for withholding of payments 
was far lighter than might have 
been thought likely, given The 
330 Labour signatures to an 
early-day motion demanding 
such action. 

Indeed, many MPs were far 
more concerned with fisheries 
policy and food prices than with 
the budget issue, and Mr 
Walker, in concentrating as far 
as possible on the details of the 
price package concluded m 
Brussels, managed to deflect 
many of the more awkward 
questions. 


noon. The Gmernment also 
hopes tn be able to publish 
papers setting out the dctaiLs of 
the talks. Britain’s negotiating 
position and to the extent to 
which it was met. 

The mood among Ministers 
and ojcials in London was 
almost fatalistic and resigned 
both to the failure o fthe talks, 
and lo the further use of force. 
One senior Minister said that 
the Cabinet was united in agree- 
ing that there was now no alter- 
native to intensification of mili- 
tary pressure. 

Bur there is some evident 
apprehension about possible 
losses and a preference still for 
a step by step approach over a 
period. 

The British Government is 
clearly trying to put forward the 
view that conflict is inevitable 
and that. Argentina is to blame. 
Word in "Whitehall is that 
Argentina has missed the hoat 
in negotiations. The UK will 
try to ensure that international 
support for its case is main- 
tained by arguing that Argen- 
tina itself wrote off the talks. 

Mrs Thatcher also made it 
clear that Britain was willing to 


make concessions to reach 
agreement — such as involving 
the UN m an interim period. 
She pointed out that one pos- 
sibility had been not sending 
the British governor back and 
letting a UN administrator lake 
over instead in the hope of 
putting an end lo fighting. 

. She stressed ihe importance 
of consulting the Islanders as 
part of the principle of self 
determination. There was no 
mention of paramountcy of the 
wishes of th Islanders as there 
was earlier in the negotiations. 
But. she said, if the Falkland 
Islanders said “ look we want an 
arrangement with Argentina" 
and i hat was the wish of the 
Islanders. “ we would have to 
consider thal.” 

But she thought that “after 
they have had this terrible 
experience of invasion the last 
ihing they will w\nt to do is to 
have close association with the 
Argentines." 

Mrs Thatcher also indicated 
that the previous arrangements, 
such as the regular air and sea 
service herween the Islands 
and Argentina would be put at 
risk as a result <5 


Y’davr 1 Yd3, 

I midday i ouddo-' 

I "C *F| *C *F 

Araecio 3 21 70 jl. Ancj.f — — 

Akirors S 22 72 :Luxmbq. F 18 64 

Amndm. S 24 7S|Lo*or S 35 95 

AOien* 5 24 7<ilMadr.d S 24 7'’. 

Bahrain S 33 Sl.Mmoica 3 73 73 

Rorclna. 1] 9 4K 1 Malabo S 22 72 

Borin S 22 72 , MpII.i 5 2-1 75 

Bellas! F 13 55,MrhS»r. F IS CQ 

| P-cI-imJ. B 27 81Molbno F 14 c 7 

I Berlin F 13 M M*. C | — — 

B'-Irnir S ?n 4 r!mi.viii1 C 74 75 

Brnnhm F 14 <V).M,l?n S 25 77 

Ularip! S U S^Mmitr'il R U 57 

Sard, F zn : Mnarnw C 17 51 

ficnilnn C 14 ^T’Mimirh F 10 or, 

Enr.inl F 15 }9;Umrol«i C 23 71 

Bru5wl3 F IB S4 1 Naples S 23 72 

Rudest. S 27 si (Nnswr — — 

Cairo ■ F 24 7RiNwestl F 17 P3 

Cardiff C 13 55 ( N Yorkf — — 

Casbca. 5 20 68 i Nice *5 71 Tn 

Cnpc T. — _ iNiwsin S 21 70 

Chicr? t S 1G 61 [Oporlo S 1R 61 

Coirnno S 13 6^1 Oslo R 6 43 

Cpnhgn. R 3 48 Pans C 10 W* 

Corfu R 74 7S Perth R JB R4 

Donvcrf S 12 r«4 Pranua S 72 7? 

Dublm C . 13 53 Rrtivk F 12 

Dtanmt.. S 21 70 Ilhodca S 21 70 

Ednbqh, C 15 59 Rio J'ot — — 

Firo S 21 70 Romo R 25 77 

Floroneo S Tfi 76]Snfsb'n» F 19 fifi 

Franfcfr S 29 fiRjS’ciwt ■— — 

Funchnl R 73 73 S. M'nts — — 

Cnnrva S 73 TSjSinrjapr. C 28 82 

rtihrlrr F. 21 70iR‘i*-inol — — 

Cilasn'wr F 16 so S in w 

G'rnse* C 13 55 Str.i*h'<j S ?i 70 

Holrinln C 9 48 Swdnoy F 35 77 

H Xonn S 31 m Tnnn-or S 74 70 

Itwabr'fc S TO F9 To! Aviw S 7? 77 

Invmes. F 1A 57 iTsmonlo S 33 73 

I r* Man F 12 64 j Toly® C 22 73 

Irian hi|| F 16 61 Tor'nlot C. 14 57 

C 16 HI |T.m.6 S 26 77 

Jo'biiro S 11 Bfi | Vfllnnoj 5 23 72 

L Pirns S 22 7?[Vcnlcn R 21 73 

li*!bao S 22 72 IVicnno S 24 7= 

Locarno — — IWnr.iaw F Z3 73 

London F 17 63 1 Zurich f U 66 

C“»Cloud - ' F-^F-nr R— flam, S— Sunny 
JiOOn_CiMT tampers lures.
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Full text of "Financial Times , 1982, UK, English"

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